Amazon has taken ownership of a roughly nine-acre parcel and the office building at 11550 Cronridge Drive in Owings Mills, buying the property from asset manager T. Rowe Price in a sale-leaseback deal. The structure of the transaction keeps the site linked to T. Rowe Price’s broader Owings Mills operations while shifting the underlying real estate to the e-commerce giant. Neither company has shared any details about what Amazon intends to do with the property.
Deal confirmed by CoStar
According to CoStar, the property changed hands on Friday in a sale-leaseback that identifies Amazon as the buyer. CoStar reports that Amazon has not announced plans for the site and that the transaction covers a parcel next to T. Rowe Price’s existing workplace footprint in Owings Mills.
Property by the numbers
Public commercial listings and tax records show that the parcel spans about 9.32 acres and the office building totals roughly 111,122 square feet, in the Reisterstown Road submarket of Owings Mills. That profile appears in the property's commercial listing on LoopNet, which pulls county-assessment and parcel data for the site.
Why companies pursue sale-leasebacks
Sale-leasebacks allow owners to convert real estate into cash while staying in place as tenants, a tool companies use to raise liquidity without disrupting day-to-day operations. Industry commentary and broker research indicate that sale-leaseback activity rebounded in 2025 and is expected to stay active into 2026 as firms monetize assets, according to analysis from W. P. Carey. For corporations, the proceeds can be put back into operations, used to pay down debt, or held for other strategic priorities.
Local picture
T. Rowe Price maintains a major presence in the Baltimore region and lists multiple Owings Mills addresses in its corporate disclosures, including the Cronridge Drive location cited in filings and sustainability documents. The company’s reporting and filings indicate that it operates a substantial campus in Owings Mills, which helps explain why this deal was structured as a leaseback instead of a full departure from the market. The listing of 11550 Cronridge Drive in T. Rowe Price materials confirms the property’s role within the firm’s local operations.
What happens next
With Amazon still silent on its intentions, the site’s future use, whether continued office occupancy by T. Rowe Price under a lease, an Amazon operations hub, or something else, remains undetermined. Local permitting records and any formal company statements will provide the clearest signals about what comes next, and CoStar has provided the first public indication of the ownership change. We will watch for additional filings and announcements from the companies and county officials as the situation develops.
