Todd Hartman: Sure. So in the quarter, we did sign a total of 47,000 square feet of leases in our regional office portfolio. 35 of that was at 250 West Pratt. It was a 12-year lease with a law firm, which saw a part of the Pandora sublease. So, two floors of that are now on a long-term lease. And at 100 Light, we signed a 12 €“ excuse me, 11-year lease for 12,000 square feet. So, we’re happy to put some hay in the barn there. Obviously, we’ve said that, that was going to be a number of singles and doubles to get that building leased up and glad to see the activity. Looking ahead, we foresee about 140,000 square feet or so of the prospects that will be coming to market in the next 90 days in Baltimore. So, we hope to have some additional activity at the building soon.
But , obviously, are very extended. The leasing that we accomplished this year, it was more than nine months from first contact to lease signature from those tenants. So as we’ve been saying, our deal cycles remain extended. As it relates to 2100 L, we’re at about 150,000 square feet of prospects there. We are on the shortlist for over 100,000 square feet of prospects. But to give some context to that, one of those started out with 22 options and has narrowed the shortlist down to 5. So there again, I think our deal cycle time is going to be extended, but we are encouraged by where we sit with some of these prospects. But it’s hard to forecast any sort of timing of conclusion on leasing there, but encouraged by where we are today.
Tom Catherwood: Got it. Got to appreciate the answers. Thanks everyone.
Operator: Thank you. One moment for our next question. It comes from the line of Steve Sakwa with Evercore ISI. Please proceed.
Steve Sakwa: Yes, thanks. Tom went through a bunch of my questions. But I just want to circle back, I think, to one that maybe Tony asked about the development leasing, Steve. I mean with the delay in the one data center shell, I guess I would have thought that maybe your goals for 2023 would have been a little more elevated. So, I’m just trying to really gauge, kind of your level of, I guess, conservatism there, just given all the positive commentary that you, kind of laid out about the defense budget, demand, potentially another data center shell. That in and of itself would probably get you to the goal without doing any defense leasing. So, I guess what are we missing here?
Steve Budorick: No, I think you correctly interpreted that our goal is relatively cautious. There could be opportunity to exceed that goal. But the one thing we have experienced, since costs have gone up, decision times take longer. We’re projecting over an 11-month period. So, timing is an issue. I can tell you we’re bullish on development. Beyond that 700,000 square feet that we characterize as 50% likely to win in two years or less, we’ve got another $1.7 million in opportunities that we’re evaluating, but it’s more of a timing risk concern for this year.
Steve Sakwa: Okay. And maybe going back to Tom’s question on the €“ some of the, I guess, non-defense leasing. I know, Todd, we’ve toured the 100 Light Street many times, talked about prospects that have, kind of come and gone. I guess what are the risks that some of the newest prospects find space elsewhere? How much price sensitivity are they? Kind of where else are they looking in both Baltimore, and I guess, down in Washington?
Steve Budorick: Well, let me take a swing in Washington before I let Todd finish. The one good dynamic you can see in Downtown D.C. is that the available inventory in the trophy class has come down, and there’s not a lot of choices for larger tenants. And given there were a trophy building, I kind of feel like our opportunity set is tightening, I mean broadening rather than tightening. Todd, you can deal with Baltimore.
