The Howard Hughes Corporation Buys Six Downtown Columbia Office Buildings for $130M
- Dec 23, 2014
The Howard Hughes Corporation is expanding its Maryland portfolio. In one of the largest transactions of the year, in the Greater Baltimore area, the Dallas-based company purchased six office buildings in Downtown Columbia from General Growth Properties, Inc. The sale price was $130 million.
Howard Hughes’ new properties are more commonly known as 10 – 60 Columbia Corporate Center. Together, they offer about 700,000 square feet of office space. At the time of the sale, the six buildings were 90 percent leased. They are:
- 10 Corporate Center – a four-story building, with approximately 90,000 square feet;
- 20 Corporate Center – a five-story building, with approximately 110,000 square feet;
- 30 Corporate Center – a 12-story building, with approximately 135,000 square feet;
- 40 Corporate Center – a 12-story building, with approximately 150,000 square feet;
- 50 Corporate Center – a seven-story building, with approximately 120,000 square feet;
- 60 Corporate Center – a six-story building, with approximately 110,000 square feet.
With this acquisition, Howard Hughes now owns more than 1.1 million square feet of commercial space in Downtown Columbia. According to Cushman & Wakefield this represents 50 percent of the area’s total office market.
The Dallas-based company also owns 70 Columbia Corporate Center, located adjacent to 10 – 60 Columbia Corporate Center. This nine-story, 170,000-square-foot Class ‘A’ office building was acquired in August 2012. Howard Hughes redeveloped the property and brought its occupancy to 99 percent. Tenants include the Enterprise Community Foundation and GP Strategies, Inc.
“The acquisition of the Columbia Corporate Center office buildings reinforces our long-term commitment to Downtown Columbia,” Grant Herlitz, president of The Howard Hughes Corporation, said in a press statement. “Combined with our larger commercial portfolio and wide array of product offerings, we now have the flexibility to meet our existing tenants’ space needs while also attracting new businesses and jobs to Downtown Columbia.”
Photo credit: columbiacorporatecenter.info