Maryland Mulls Over Selling $8B in Real Estate

ANNAPOLIS, MD-Maryland could end up lining its coffers with an extra $8 billion if it moves forward with plans to sell off a big chunk of its real estate holdings. The state’s Department of General Services has tapped Addison, TX-headquartered the Staubach Co. to act as a consultant on the prospective plan, which would involve the disposition of office structures, as well as undeveloped parcels of land that are now underutilized–or simply of no use–to the state.

Maryland’s procedure for selling off excess properties is fairly straightforward. “To dispose of state property, the using agency notifies the State Clearinghouse that it no longer needs the property,” DGS’s Office of Real Estate notes in a document describing the office’s activities. “If there are no other governmental agencies interested in utilizing the property, and if it is determined that the state’s interest is better served to dispose of it, the Board of Public Works declares the property to be surplus and approves it for disposal.”