Amazon Buys Office and Data Center Site in Maryland from T. Rowe

Asset manager T. Rowe Price has sold an office and data center site outside Baltimore, Maryland, to Amazon in a sale-leaseback deal. According to BizJournal and CoStar, Amazon Data Services acquired a nine-acre property in Owings Mills in Baltimore County from T. Rowe Price Group. The companies have confirmed the transaction. The site, located at 11550 Cronridge Drive, sold for $15.2 million and includes 111,000 sq ft (10,310 sqm) of office space.

T. Rowe has signed a sale-leaseback agreement with Amazon that will let it “operate as usual” while the firm “evaluates future needs,” a company spokesperson told BJ. “We continually assess our real estate portfolio to ensure it supports our workforce strategy, enhances the associate experience, and positions the firm for future success.”

Amazon confirmed the purchase to BizJournal. Despite the acquisition being made through an affiliate typically used for data center development, the company said it does not currently plan to build data centers on the property. Amazon Web Services does, however, operate an enterprise data center sale-leaseback program. The company has previously acquired two data centers outside Worcester, Massachusetts, from financial services firm State Street.

T. Rowe Price is a known AWS customer, and a recent job posting for a role based in Owings Mills noted the company is migrating on-premises workloads “to AWS as part of the data center exit strategy.” Founded in 1937, T. Rowe Price is a global asset manager with approximately $1.6 trillion in assets under management. The company first established operations in Owings Mills in 1990, later adding a Technology Center in 1996.