Construction on the 145,000-square-foot building is set to begin in July, pending local permits, and is expected to be complete by the end of 2007.
"The expansion of the Colorado Springs Investment Services Center reflects the substantial growth of the firm in recent years, and will enhance our ability to provide world-class service to the millions of individual investors and retirement plan participants who invest with T. Rowe Price," said Edward C. Bernard, chairman.
T. Rowe price employees about 515 customer service representatives, account managers, 401(k) administrators, information technology personnel and other support staff at the Colorado center.
The Baltimore-based firm maintains similar facilities in Ownings Mills, Md., and Tampa, Fla.
"Factors such as the labor market and the quality of life that were instrumental in our initial decision to locate in Colorado Springs continue to be in place today and have made it easier to find associates who are a strong fit with our culture," said Chris Hufman, general manager of the facility and vice president at T. Rowe Price.
Bernard told The Denver Post that the proximity to Fort Carson, a U.S. Army base, which recently announced the impending arrival of 10,000 new soldiers, added to the company's interest in the site. "We love the retired military, and we're now hiring the spouses of active-duty military," said Bernard. "We found this to be a great employee demographic for us."
Once complete, the facility will increase the total capacity of the 31-acre campus to 1,400 workers, leaving room enough on the site for two additional buildings and up to 2,000 employees in the future.
Bernard attributed the decision to expand to the company's growth since opening the Colorado facility in 1998, when the company controlled approximately $150 billion assets under management. As of the close of the first quarter, T. Rowe Price managed nearly $293 billion.
Local officials praised T. Rowe Price's decision to expand there. "It is gratifying to know that our quality workforce and community support has contributed to this decision to expand," said Mike Kazmierski, president and chief executive of the
