Armada Hoffler Properties, Inc., has completed the $246 million acquisition of a 79% interest and additional 11% economic interest in the Exelon building, a mixed-use property in Baltimore’s Harbor Point neighborhood. Beatty Development Group retains 10% ownership.

The Exelon is a 23-story Class A office building with 444,000 square feet of space, 103 multifamily units (the 1305 Dock Street apartments), 38,500 square feet of retail space and 750 parking spaces. Energy company Exelon currently occupies the office building; West Elm anchors the retail component.

Exelon’s long-term lease for the office space has a remaining term of 15 years. The building will become the headquarters of Constellation, a publicly traded, Fortune 500 energy company, in the first quarter of 2022 after Exelon Corporation completes its previously announced split.

The Exelon building is adjacent to Armada Hoffler’s additional Harbor Point holdings, including 1405 Point Apartments and the Thames Street Wharf and Wills Wharf office buildings.