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Artist's rendering of Constellation/Exelon Bal- timore headquarters planned for construction at bakery magnate's Harbor Point complex.

EAST SIDE OF INNER HARBOR
TO BE HQ FOR MERGED FIRM

Development led by bakery magnate
John  Paterakis  Sr.;  ‘cross-border’
utility merger sets U.S. standard
 
Chicago-based energy giant Exelon Corp. yesterday unveiled plans for a 22-story Baltimore headquarters on the east side of the city’s Inner Harbor once its historic merger with Constellation Energy becomes complete.

Construction of the half-million- square-foot office building will create 1,000 jobs for area workers, according to a report published Wednesday in the Baltimore Business Journal  (click here to read the BBJ report). ^[2]

Exelon had promised to build the Baltimore headquarters as part of its nearly $8 billion buyout of Constellation Energy Group, which owns local energy supplier BGE (Baltimore Gas & Electric Co.).

The acquisition could set a new standard for so-called “cross-border” utility mergers around the United States.

Advocates for the city’s central business district however expressed disappointment that the soon-to-be-merged firm had chosen the eastside waterfront site — which is between Harbor East and Fells Point — instead of downtown for its new location.

The Harbor East and Harbor Point development projects were spearheaded by Baltimore bakery magnate John Paterakis Sr.

Created in October 2000 by the merger of PECO Energy Co., of Philadelphia, and Unicom, of Chicago, Exelon is an electricity generating and distributing company headquartered in the Windy City.
 
— Vob Staff report
 
FOR DETAILS SEE THE BALTIMORE BUSINESS JOURNAL‘S COMPREHENSIVE COVERAGE —  3 stories — (click here) ^[3]  and  (also here) ^[4]  and  (here). ^[2]  THEN READ THE BALTIMORE SUN REPORT  (click here). ^[5]