COLUMBIA, MD—The Howard Hughes Corp. hasacquired six office buildings in Downtown Columbiathat have a total value of $130 million as part ofthe settlement agreement between it and its erstwhile parentGeneral Growth Properties. As part of theagreement, GGP is also making a $138 million cashpayment to Howard Hughes Corp., which GGP spun off in 2010.
The six office buildings—known as 10-60 Columbia CorporateCenter—are 90% leased and unencumbered.
With the acquisition, The Howard Hughes Corp. now owns more than1.1 million square feet of commercial space in the submarket, or50% of the total Downtown Columbia office market according toCushman & Wakefield.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
