Key Takeaways
- • Hines, a Houston-based global real estate firm with $91.8 billion in assets under management, has been appointed as the asset manager for Baltimore Peninsula, a 1.1 million-square-foot mixed-use redevelopment project anchored by Under Armour.
- • Control of undeveloped land at Baltimore Peninsula is transferring to lender Bank OZK following a $66 million debt restructuring, as original owners Sagamore Ventures and Goldman Sachs' Urban Investment Group cede management rights.
- • Baltimore Peninsula represents a $5.5 billion redevelopment collaboration between Under Armour founder Kevin Plank's Sagamore Ventures, MAG Partners, MacFarlane Partners, and Goldman Sachs' Urban Investment Group on undeveloped South Baltimore waterfront property.
- • Hines will oversee asset management of the already-developed portions of the project while Bank OZK assumes control of undeveloped sites as part of the debt restructuring arrangement.
- • The appointment reflects Hines' extensive real estate portfolio—the firm has acquired more than 1,600 properties comprising over 540 million square feet globally across 384 cities in 30 countries since its 1957 founding.
Summary
Hines, the privately held Houston-based real estate investment, development, and management firm, has been selected to serve as asset manager for Baltimore Peninsula, one of Baltimore's largest mixed-use redevelopment projects. The property encompasses approximately 1.1 million square feet and is anchored by athletic apparel company Under Armour's operations in South Baltimore.
The Baltimore Peninsula project originated as a $5.5 billion collaboration between Under Armour founder Kevin Plank's investment vehicle Sagamore Ventures, real estate developers MAG Partners and MacFarlane Partners, and Goldman Sachs' Urban Investment Group. However, recent debt restructuring has altered the project's ownership and management structure. Bank OZK, which held a $66 million loan on the property, is now taking control of the undeveloped portions of the site. Original owners Sagamore Ventures and Goldman Sachs have relinquished their operational control as part of this financial restructuring.
Under this new arrangement, Hines will manage the asset on behalf of Bank OZK and assume responsibility for the developed portions of Baltimore Peninsula while the lender assumes direct control of undeveloped land. Hines brings substantial expertise and scale to the role: the firm manages $91.8 billion in assets globally and has acquired more than 1,600 properties comprising over 540 million square feet. Since its founding in 1957, Hines has established operations across 384 cities in 30 countries and developed landmark real estate projects designed to generate investor returns while contributing to community development.
The management transition consolidates operational control of the Baltimore Peninsula redevelopment under an experienced institutional asset manager, positioning the project for continued advancement despite the ownership restructuring required by the lender's involvement.
The Baltimore Peninsula project originated as a $5.5 billion collaboration between Under Armour founder Kevin Plank's investment vehicle Sagamore Ventures, real estate developers MAG Partners and MacFarlane Partners, and Goldman Sachs' Urban Investment Group. However, recent debt restructuring has altered the project's ownership and management structure. Bank OZK, which held a $66 million loan on the property, is now taking control of the undeveloped portions of the site. Original owners Sagamore Ventures and Goldman Sachs have relinquished their operational control as part of this financial restructuring.
Under this new arrangement, Hines will manage the asset on behalf of Bank OZK and assume responsibility for the developed portions of Baltimore Peninsula while the lender assumes direct control of undeveloped land. Hines brings substantial expertise and scale to the role: the firm manages $91.8 billion in assets globally and has acquired more than 1,600 properties comprising over 540 million square feet. Since its founding in 1957, Hines has established operations across 384 cities in 30 countries and developed landmark real estate projects designed to generate investor returns while contributing to community development.
The management transition consolidates operational control of the Baltimore Peninsula redevelopment under an experienced institutional asset manager, positioning the project for continued advancement despite the ownership restructuring required by the lender's involvement.
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