By Melody Simmons
June 9, 2021
The following is an excerpt from the original Baltimore Business Journal article.
The national banking, investment and wealth management firm, which currently has offices at 100 Light St. downtown, will take over new space on the second floor of the newest Class A building by October, Beatty Development Group and Armada Hoffler Properties said June 9.
The move will see RBC Wealth reduce its office footprint by nearly 50% — the company currently leases 11,100 square feet at 100 Light St. for its 75 employees, according to CoStar. RBC Wealth is a division of RBC Capital Markets — itself a subsidiary of Royal Bank of Canada.
Mike Crowell, Baltimore director at RBC Wealth, said the move to Harbor Point will offer the company “more opportunity for growth” and better access.
“Moving to Wills Wharf provides us with more opportunity for growth, as well as a premier, centralized location to offer better access and an even greater level of client service to our growing client base,” Crowell said, in a statement.
The migrations eastward to newer commercial developments by some companies has led downtown stakeholders to ponder retention strategies for the older areas.
Donald Fry, CEO of the Greater Baltimore Committee, said RBC Wealth’s decision to remain in the city was a plus. And Shelonda Stokes, president of the Downtown Partnership of Baltimore said the recent office moves were part of a traditional ever-changing urban landscape.
“As history demonstrates, downtowns shift as new areas come online,” Stokes said. “This type of growth and expansion indicates a healthy marketplace. The opportunity lies in identifying new and emerging entities connected to the eds, meds, technology, and government that call the central business district home.
Fry added: “Like many cities, Baltimore is fortunate to have a number of business hubs that are attractive to growing business operations, including Harbor Point and the central downtown area. Taken as a whole these hubs make up a thriving economic ecosystem in the city.”
Source: Baltimore Business Journal