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Real estate developer and investor Greenberg Gibbons intends to relocate its headquarters to Baltimore’s Canton neighborhood.
The firm plans to move next spring into a 13K SF space at the new 40Ten project, being built by 28 Walker Development, Greenberg Gibbons announced this week. The company will consolidate its offices from Annapolis and Owings Mills into the new building.
“Baltimore City was our original home when the company was founded in 1968,” Greenberg Gibbons CEO Brian Gibbons said in a statement. “It’s exciting to move our headquarters back to the city and we are fully committed to making a positive impact as part of the Baltimore community.”
Greenberg Gibbons said it selected the property because its location in southeast Baltimore is easily accessible to employees who live throughout the region and regularly visit nearby developments.
The 40Ten project consists of 115K SF of Class-A office space. It is the first heavy timber office building in Baltimore, according to 28 Walker Development, and it provides 15-foot high ceilings, a roof deck and modern amenities.
The building is part of The Collective mixed-use development that includes retail, apartments and office space. 28 Walker has previously delivered retail projects in the area like Canton Crossing.
“We had seen timber buildings in other places and thought this style really resonated with the preferences we are seeing in Baltimore,” 28 Walker Development Chief Operating Officer Scott Slosson previously told NAIOP's Maryland chapter.
Greenberg Gibbons' decision to consolidate office space comes as firms throughout the region consider what to do with offices no longer needed due to the prevalence of remote working in the aftermath of the pandemic.
JLL's third-quarter Market Insight report emphasized that downsizing and a flight to quality were the prime factors influencing regional office leasing. So far this year, the market has given back more than 774K SF of office space.
"Quarterly leasing activity suggests that relocations, downsizing, and flight-to-quality trends remain firmly in place and will persist in the coming quarters,” according to JLL’s analysts.
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