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January 12, 2017 Comments Off on Howard Hughes Pays $38M for Maryland Offices Views: 603 Maryland, National News, Northeast

Howard Hughes Pays $38M for Maryland Offices

Howard Hughes Corp. added two office buildings in downtown Columbia, MD to its portfolio. The Texas investor paid $16.5 million for the 126,720-square-foot American City Building, and an additional $22.3 million for the 97,500-square-foot One Mall North. HHC plans to demolish the mostly vacant ACB at 10227 Wincopin Circle, and develop a mixed-use project with residential, retail and restaurant space.

Meanwhile, HHC will keep One Mall North, at 10025 Governor Warfield Pkwy., as is. The building is 100% occupied with medical, financial, engineering and technology companies, with minimal near-term rollover and an in-place, net operating income at $1.6 million. The site’s underlying zoning potential allows for many uses including retail, office and residential, with new construction allowed of up to nine stories.

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