24 October 2007

Corporate Boulevard, Now Under New Management

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A report filed yesterday afternoon on the Globe Street real estate website indicates that GGP has handed over the management of the buildings along Little Patuxent Parkway to NAI KLNB. From the article:

The class A portfolio, called Columbia Town Center portfolio, is based in this submarket and has a 25% vacancy rate--or 250,000 sf of space available to lease. Asking rates for the portfolio range from $24 per sf, full service up to $27.50 per sf, full service.

[T]he buildings are 10400, 10420, 10440, 10480, 10490 and 10500 Little Patuxent Pkwy and 11000 Broken Land Pkwy. They are situated just off MD Route 175. Existing tenants include Miles & Stockbridge; Ferris, Baker, Watts; BusinesSuites; and American Express. These buildings were part of General Growth’s $12.6-billion acquisition of the Rouse Co. in 2004. Since then, the company handled the leasing internally, Fritz says. “This is the first time this portfolio has been outsourced since its acquisition.” Most of General Growth’s offices are leased and managed by third parties, he adds.


wordbones said...

Actually the address for those buildings is Little Patuxent Parkway.

B. Santos said...


You are absolutely correct. I was referring to the proposed section of downtown, not any specific street address. Thanks for keeping me honest!

wordbones said...

You are most welcome of course. Also, I am not certain that KLNB will be handling the property management. I believe this contract is only for leasing services. They have a pretty significant vacancy.