T. Rowe Sells

T. Rowe sells a Baltimore County property to tech giant

• T. Rowe Price Group Inc. sold a 9-acre parcel in Owings Mills to Amazon Data Services for $15.2 million.
• The asset manager will continue operating the 111,000-square-foot office space under a leaseback agreement.
• T. Rowe's headcount fell 7.1% to 7,507 employees year-over-year as of March 31.

T. Rowe Price Group Inc. has sold part of its Owings Mills holdings to one of the world’s largest tech firms.

The Baltimore-based asset manager (Nasdaq: TROW) sold a 9-acre parcel of land with 111,000 square feet of office space to Amazon Data Services, state property records show. The parcel, listed at 11550 Cronridge Drive, sold for $15.2 million and is located about five miles north of T. Rowe's main Owings Mills campus.

T. Rowe has signed a leaseback agreement with Amazon that will let it “operate as usual” while the firm “evaluates future needs,” a company spokesperson said. The company continues to occupy four buildings at its main Owings Mills campus on Painters Mill Road. It's the latest real estate shake-up for the asset manager, which moved into a new $278 million waterfront headquarters in Harbor Point last year.

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