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Commercial real estate property listed for sale

The old Rouse Co. headquarters is being put up for sale by Howard Hughes Corp., even though the renovations to the huge building have not quite finished up. Normally, Howard Hughes gets its Commercial real estate properties in ready-to-sell shape before listing, but in this case, buyers apparently came knocking on their own.

According to reports, the company started receiving offers on the building, designed by Frank Gehry and situated on the lake, prior to the finishing of the renovations. The company is deciding to grab the opportunity, according to the senior vice president, so it can have the funds to start new projects.

The building already has several tenants planned. Whole Foods will occupy 41,000 square feet, and the Columbia Association will be putting in a wellness center in the 28,000 square feet it reserved in a lease. Howard Hughes will remain in the building, taking up 20,000 square feet on the fourth floor.

The building is reportedly worth an impressive $45 million. Howard Hughes is planning to start on the Crescent project — a development project set to offer 2,300 residential units, 300,000 square feet of office space, an indoor concert venue and retail shops — and the company wants to use the capital from the sale of the Rouse Co. building.

While the construction and development of new Commercial real estate properties is almost always a boon to the local economy, dealing with commercial tenants and buyers can be tedious. Purchase agreements and commercial leases can involve a great deal of paperwork, and understanding Maryland's laws and guidelines surrounding these types of deals can go a long way toward making the process smoother.

Source: Baltimore Business Journal, "Howard Hughes Corp. selling former Rouse HQ in downtown Columbia" Kevin Litten, May. 30, 2014

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