Retail component of Lockwook Place Now 100% Leased with signing of famous footwear
6037 square foot tenant to join other anchors at urban location including Best Buy, Filene's Basement and PF Changs
Baltimore, MD (June 8, 2007) – The retail component of Lockwood Place is now 100% leased with the signing of Famous Footwear to a 6037 square foot lease, at the project located at 600 E. Pratt Street in downtown Baltimore. Developed and managed by David S. Brown Enterprises and A&R Development, the mixed-use development features approximately 90,000 square feet of shops and restaurants on three levels that sits adjacent to an office tower with 275,000 square feet of Class “A” office space.
John Meyer and Adam Miller of KLNB Retail supervised all retail leasing activities for Lockwood Place, which also includes Best Buy (37,000 square feet); Filene’s Basement (30,152 square feet), Fogo de Chao restaurant (14,422 square feet) and PF Changs restaurant (6661 square feet). Famous Footwear is expected to begin operations in August and Panera Bread opened for business this week.
“We have successfully attracted a number of different retailers that do not typically choose urban locations, but recognized the changing shopping demographics and patterns that were emerging in downtown Baltimore,” stated John Meyer, a principal with KLNB Retail. “These trends include the rapid acceleration of residents moving to the downtown region, the increased frequency of businesspeople performing their shopping functions before, during or after work and the steady influx of tourists and convention participants,” he added.
According to research from KLNB Retail, nearly 500,000 people either live or work in downtown Baltimore currently; an additional 600,000 visit the City as convention delegates annually and an additional 15 million tourists spend a portion of time downtown. Approximately 13,000 students attend college classes in Baltimore.
“Best Buy in particular was a key win for the project and downtown Baltimore, as it represented a dramatic shift in the strategy of a big-box retailer to express confidence in a downtown venue. They are aware of the new shopping dynamics occurring in the City, and believe they will overcome the perceptions that consumers would not purchase appliances and large electronic items in an urban marketplace,” he added.
The next retailer set to open at Lockwood Place is Fogo de Chao, a Brazilian steakhouse concept that operates four locations in its native country, as well as six in the United States – including Atlanta, Beverly Hills, Chicago, Dallas, Houston and Washington, D.C. Utilizing a “Gaucho” way of cooking, which incorporates the roasting of meats over pits of open fire, the restaurant is expected to be operational by the end of next month. All of its entrée dishes are presented to the patron in raw, uncooked fashion, prior to being prepared in barbecue style.
“Lockwood Place is bringing increased energy, consumer traffic and strong interest to the City Center portion of downtown Baltimore, and its destination-style merchants are proving to be major draws,” said Kirby Fowler, President of the Downtown Partnership of Baltimore.
Founded in 1968, KLNB features more than 75 full-time real estate brokerage professionals and provides a full range of brokerage, financial and investment services, property/facilities management and strategic advisory services to the commercial office, industrial and retail sectors. The company achieved more than $1.5 billion in sales and leasing volume in 2006.
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