Exelon Corp., which has agreed to acquire Constellation Energy Group in a $7.9 billion deal, is seeking information on available commercial space in downtown Baltimore that could house the combined company's competitive power and "green" energy businesses if the transaction goes through.
Chicago-based Exelon has hired Studley, a commercial real estate services firm in Washington, to obtain general specifications of available space from local commercial developers and brokers, according to a request for information document sent by Studley in recent days and obtained by The Baltimore Sun.
"It's early in the process, and we're looking forward to gathering as much information and input as possible," Exelon spokeswoman Judith Rader said Thursday.
The new, combined company's headquarters is planned for Chicago, but the firm's competitive gas and electric supply business, along with its "green" energy unit, would be based here.
The combined company plans to spend up to $120 million to build or renovate a "green" building in Baltimore, according to a merger application submitted to the Maryland Public Service Commission, which must approve the deal. That means Constellation will eventually vacate its Pratt Street headquarters and adjacent building.
The request seeks information on size, current condition and space availability of potential sites and existing buildings in Baltimore.
It also wants specifications on parking; recent upgrades and renovations on electrical, heating and air conditioning systems; asking terms for a 15-year lease; building amenities; and any green building status.
With a requirement of 300,000 to 375,000 square feet, the company's request is one of the largest in the market, said T. Courtenay Jenkins III, a senior director at Cushman & Wakefield in Baltimore. The request was widely distributed to commercial brokers and owners in the area.
The company would need a site large enough to accommodate its needs, or an existing building would have to be renovated "to meet the kinds of floor sizes they're trying to achieve," Jenkins said.
Baltimore Sun reporter Lorraine Mirabella contributed to this article.Copyright © 2015, Los Angeles Times