Legg Mason, which has been in Baltimore since 1899, is looking for new headquarters and is considering finding a signature building, the Baltimore Business Journal reports. But the firm is also weighing renewing its lease on Light Street or moving to the suburbs, real estate brokers said.
Although Baltimore has been struggling to attract corporations and a withdrawal by Legg Mason, which employs 1,500, would be a tremendous blow, the city has not yet discussed incentives or tax breaks, said Jay Brodie, president of Baltimore Development Corp. But recently, Legg Mason has posted strong earnings and asset flows. Net revenue was up 38% in the third quarter to nearly $92 million, and assets rose 31% in the quarter to $311 billion.
The city breathed a sign of relief in June when T. Rowe Price renewed its lease downtown, where it employs 1,100.