BALTIMORE-Cushman & Wakefield has been awarded a locally-based 1.5-million-square-foot office portfolio lease and management assignment from General Growth Properties. GGP has been in the news, of course, with its spin off of several assets into a new REIT called Rouse. However that is not this portfolio, C&W broker Jon Serko tells GlobeSt.com. The Rouse portfolio, which GGP acquired in 2004, was also Maryland-based, consisting of retail centers and mixed-use properties. What GGP is spinning off are class B shopping centers. “The portfolio we have are all top quality office buildings,” Serko says. The portfolio is the largest office leasing assignment for Cushman's Baltimore office this year
Because C&W just got the assignment, Serko was unable to tell GlobeSt.com what the portfolio’s occupancy rate was or its average asking rental rate. “We are going through the numbers right now,” he says. He also declined to discuss the previous leasing firm. Serko and colleague Barry Zeller in New York will oversee leasing efforts for the portfolio.
The properties are based in the Columbia, Baltimore and Owings Mills submarkets. C&W is providing leasing efforts for the office properties in Columbia, Baltimore and Owings Mills and property management for the Columbia and Owings Mills assets.
The portfolio includes Columbia Corporate Center, a seven-building office complex in Columbia Town Center totaling 876,475 square feet; Harborplace Tower, a 261,780-square-foot building overlooking Baltimore’s Inner Harbor; and Owings Mills Corporate Center, which consists of two office buildings totaling 330,736 square feet.
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