Armada Hoffler completes $246M acquisition of Baltimore's Exelon building

Armada Hoffler Properties Inc. completed the acquisition of a 79% stake and an additional 11% economic interest in the Exelon building in Baltimore for $246 million.

Beatty Development Group LLC will retain a 10% stake in the 23-story building in Harbor Point.

The mixed-use property features 444,000 square feet of office space, 103 multifamily units and 38,500 square feet of retail space.

Exelon Corp. occupies the office building and leases 500 out of 750 parking spaces, with a remaining lease term of 15 years. The retail component of the asset is anchored by West Elm Inc.

The property will become Constellation Energy Corp.'s headquarters in the first quarter, following its spin-off from Exelon.