Under Armour has "purchased the land" in Baltimore where it plans to build its new HQ for $70.3M -- "more than twice" what UA Founder, Chair & CEO Kevin Plank's private real estate firm paid in '14, according to Natalie Sherman of the Baltimore SUN. The roughly 50-acre Port Covington waterfront site includes "more than 8 acres of submerged area." The sale "is the first deal since Plank's firm, Sagamore Development, won city backing for a plan to transform the roughly 260-acre peninsula with new offices, homes, parks and shopping." Sagamore spokesperson John Maroon said that the firm, which acquired the properties in '14 for $35M, "made 'no profit' on the deal ... pointing to operating and site development costs, including environmental remediation." UA VP/Corporate Real Estate & Campus Neil Jurgens in a statement said that Under Armour "commissioned an independent appraisal before the purchase." Sagamore and UA "did not respond directly to questions about how much they have invested in the site," which the state valued at about $60M for tax purposes in '15. Jurgens said that UA "received approval this year to build a 3.9 million-square-foot campus on the peninsula and expects to submit plans for the first phase in the fall." The master plan "calls for about 500,000 square feet of offices, a parking garage and a man-made lake." Later phases "call for several towers, a fieldhouse and a stadium" (Baltimore SUN, 7/19).
