Howard Hughes purchases downtown Columbia office building
By Luke Lavoie and firstname.lastname@example.org
Aug 20, 2012 at 12:44 PM
Howard Hughes Corp. has purchased a nine-story office building adjacent to the Columbia mall, the company announced Monday.
The 169,700 sq. foot building, known as 70 Corporate Center, was built in 1992 and is located in the northeast corner of Broken Land Parkway and Little Patuxent Parkway.
Howard Hughes officials said the purchase is part of the company's redevelopment plan for downtown Columbia.
"This well-located, notable office building serves as a strong addition to our holdings in downtown Columbia," Howard Hughes Senior Vice President John DeWolf said in a statement. "The purchase of 70 Corporate Center helps solidify our company's commitment to downtown Columbia and its future redevelopment."
Howard Hughes officials are hoping to place a restaurant in the building, in addition to adding more office tenants.
The building is located near the planned Metropolitan Downtown Columbia, a $100 million, six-story luxury apartment complex complete with 14,000 square feet of retail space.
Officials say the company plans to develop the office building and the 380-unit apartment complex in unison.
The announcement comes less than a month after Howard Hughes announced Whole Foods was opening a store in the former Rouse Company building in downtown Columbia.
Howard Hughes officials would not disclose the price of the building, which was formerly the headquarters of the Ryland Group.
Howard Hughes is actively seeking tenants to fill the building, which is not fully occupied, and has hired national commercial real estate company Jones Lang LaSalle to do the leasing.