Howard Hughes Acquires 6 Buildings in Downtown Columbia

Howard Hughes has acquired six office buildings near Symphony Woods, according to a statement the corporation issued Thursday.

Previously, the buildings were owned by General Growth Properties, the company Howard Hughes spun off from in 2010; General Growth paid Howard Hughes $138 million in cash for the buildings as part of a settlement agreement involving IRS litigation, the statement said.

Now that it owns them, Howard Hughes plans to tear down three of the buildings and create a Georgetown-like shopping area, according to the Baltimore Business Journal. The newspaper reported that the stores would not compete with The Mall in Columbia but offer high-end boutiques and farm-to-table type restaurants.

Fast facts about the properties, according to Howard Hughes:

• • • • The addresses of the buildings are 10, 20, 30, 40, 50 and 60 Corporate Center.
      • Together, they have a combined $130 million value.
      • Approximately 90 percent of space in the office buildings is leased.

Howard Hughes Corporation now controls 50 percent of the office market in downtown Columbia, according to a statement from the company, which holds 1.1 million square feet of office space in Columbia.

The newly acquired buildings are in the Symphony Overlook area, which is in the footprint for downtown Columbia’s redevelopment.

The property transfer from General Growth came after Howard Hughes made a payment of $204 million this week to the IRS over a tax dispute in which the IRS challenged the company’s accounting for certain master planned community land sales, according to the statement from Howard Hughes.

Howard Hughes filed an appeal this week in the case, and per the agreement with General Growth, has taken over the six office buildings, accepted $138 million in cash and is handling the ongoing litigation with the IRS, the statement said.

Photo Credit: Howard Hughes Corporation

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