The Howard Hughes said early Wednesday it expanded its real-estate assets in Downtown Columbia, MD with the acquisition of two office buildings.
Both purchases — the American City Building and One Mall North — were underwritten in view of their future development potential, according to a company statement.
The purchase of ACB for $16.5 million unlocks the potential for redevelopment in the Lakefront District in Downtown Columbia for up to 1.5 million square feet of additional density as the acquisition allows for termination of restrictive covenants on neighboring parcels of the company’s holdings.
One Mall North, which is 100% leased, is a 97,500 square foot, four-story office building that was bought for $22.25 million. The building is currently leased to a diverse roster of tenants, including medical, financial, engineering and technology companies, with minimal near-term rollover.