COLUMBIA, MD—The Howard Hughes Corp. has acquired six office buildings in Downtown Columbia that have a total value of $130 million as part of the settlement agreement between it and its erstwhile parent General Growth Properties. As part of the agreement, GGP is also making a $138 million cash payment to Howard Hughes Corp., which GGP spun off in 2010.
The six office buildings—known as 10-60 Columbia Corporate Center—are 90% leased and unencumbered.
With the acquisition, The Howard Hughes Corp. now owns more than 1.1 million square feet of commercial space in the submarket, or 50% of the total Downtown Columbia office market according to Cushman & Wakefield.
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