Business

Baltimore-based Constellation Energy has joined forces with Microsoft to create technology to help large commercial customers reach clean energy goals. The technology will allow commercial customers and others to match their energy needs with locally produced clean energy. The technology will work 24 hours a day to match a customer’s power needs with local, carbon-free energy sources.

The University of Maryland, Baltimore needed to spend more than $2.9 million to cover losses at a downtown apartment building as vacancies rose and revenue plummeted during the pandemic. The University Suites at Fayette Square apartment project is a 337-bed complex at 518 W. Fayette St. intended for students at UMB, which includes the university’s medical, nursing, pharmacy and law schools. The Maryland Economic Development Corp. financed its construction, issuing $34.4 million of bonds in 2003.

A fund of CBRE Investment Management has just increased its portfolio along Maryland’s Interstate 95 corridor. The Los Angeles-based private investment firm recently acquired its fifth warehouse in the Harford and Cecil County submarkets, a 672,000-square-foot facility at 511 Chelsea Road. The warehouse is fully leased to Bob’s Discount Furniture as a mid-Atlantic distribution center.

A Bethesda office site that recently traded hands now appears to be headed toward a transformation into a residential and retail complex, in line with Montgomery County’s vision for the neighborhood. The property, located on about 1.4 acres at 4405 East West Highway, is currently home to a 65,000-square-foot office building and a surface parking lot in Bethesda’s central business district, just a few blocks from the Red Line’s Bethesda Metro station. Perseus TDC, which recently acquired the property from Klinedinst Management for an undisclosed price, plans to replace the office space with some 320 multifamily units over 8,000 square feet of ground-floor retail, beginning in 2024.

A Greenmount West building just blocks from Penn Station has been purchased by a local developer and nonprofit who plan to preserve its long-standing status as a hub for the city’s arts community. Area 405 was bought by a partnership consisting of the Central Baltimore Partnership and Baltimore real estate developer Ernst Valery for $3.8 million, the organizations announced Tuesday. The 120-year-old, 71,744-square-foot building was listed for sale last summer and is located at 405-417 E. Oliver St., near Penn Station, which is in the midst of a massive overhaul.

Terran Biosciences Inc. has entered into an agreement with the University of Maryland, Baltimore for a worldwide exclusive license to develop and commercialize a portfolio of UMB’s patents and data to support a novel approach to the treatment of neurological and psychiatric illnesses with psychedelic therapeutics. Terms of the deal were not disclosed.

Local hospitality giants are watching for both near-term and long-term effects on their holdings, industries and staffs as Russia continues to wage a brutal war against neighboring Ukraine. Both Marriott International Inc. (NASDAQ: MAR) and Hilton Worldwide Holdings Inc. (NYSE: HLT) say they are monitoring the situation closely in Ukraine, where much of their response thus far has been humanitarian in nature.