T. Rowe Price building

Shown is the exterior of T. Rowe Price's Pratt Street headquarters in downtown Baltimore. (Baltimore Sun photo by Robert K. Hamilton / October 17, 2007)

T. Rowe Price Group Inc. announced Thursday that it intends to keep its headquarters on Pratt Street in downtown Baltimore though 2027, quelling fears that the money manager would relocate. 

The company said in April that it was considering moving its operations to its Owings Mills campus or finding new headquarters on vacant sites in Baltimore. Its current lease at 100 East Pratt Street expires in 2017. 

In Thursday's announcement, T. Rowe Price said it had signed a letter of intent for a new 427,000-square-foot lease, which would expire in 2027. The company has been in its current building since 1975 and employs almost 1,300 people in the downtown offices.

“Signing this letter of intent signals our ongoing commitment to downtown and the City of Baltimore, which has been our home since our founding in 1937," T. Rowe Price CEO James A.C. Kennedy said in the announcement. "We’re proud of our city, and on behalf of our associates we’re pleased to be able to continue our presence here for years to come.”