July 7, 2020

ARMADA HOFFLER PROPERTIES AND WEWORK MUTUALLY AGREE TO TERMINATE WILLS WHARF OFFICE LEASE IN BALTIMORE

Armada Hoffler Properties, Inc. (NYSE: AHH) announced today that following discussion with WeWork, both parties agreed to terminate the lease of the top two office floors of Wills Wharf in Harbor Point, prior to Armada Hoffler funding of any tenant improvements.

“We are pleased to have reached a mutually beneficial outcome with WeWork regarding the top two office floors of Wills Wharf,” said Louis Haddad, President & CEO of Armada Hoffler Properties. “With its prime waterfront location in Harbor Point, we are in active negotiations to lease the balance of the building, inclusive of the 69,000 square feet that WeWork was to occupy. Wills Wharf is a prime destination for office tenants looking to upgrade their space and relocate to the dynamic Harbor Point neighborhood. We appreciate the cooperation and collaboration with WeWork in finding an optimal business solution at this location.”

Wills Wharf is a mixed-use building located in the Harbor Point neighborhood, at the center of Baltimore’s urban renaissance. The project includes over 325,000 square feet of class A office, retail, and boutique style hotel space offering stunning waterfront views of the Inner Harbor. Initial tenants include the owner and operator of a Canopy by Hilton hotel, Ernst & Young, Jellyfish, and Bright Horizons.

“As we refocus on our core business and work with our landlord partners around the world to optimize our real estate portfolio, WeWork has decided to terminate its planned lease at Wills Wharf,” said Dave McLaughlin, WeWork General Manager for the Atlantic. “We are grateful to Armada Hoffler Properties for their ongoing partnership throughout this process to find a solution that worked for everyone involved.”

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UPDATE AS OF June 1, 2020: At Armada Hoffler, our goal remains the safety and well-being of our employees, their families and all of our stakeholder groups.  In response to the ongoing COVID-19 pandemic, our offices have pivoted to a phased-in approach consisting of remote work and in office work. We are working every day to remain consistent with guidelines and protocol issued by the state authorities. Implementation of contingency plans for unseen circumstances such as this, allow our employees to conduct business as usual, regardless of office location. We are committed to providing the same support to our partners and tenants as well as continued communication for our investors. We have always been dedicated to the communities around us and devoted to do our part to keep them safe. We will continue to monitor the situation as it progresses and provide updates as needed.