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BUSINESS
December 18, 2009
CHICAGO - General Growth Properties Inc., the nation's second-largest mall operator, said Thursday it has $3 billion in debt remaining to be restructured and is considering "all indications of interest in the company." The company is also considering financing alternatives such as a public offering of equity. On Tuesday, the company, based in Chicago, said a bankruptcy court approved its plan to restructure $10.25 billion in debt. A plan for restructuring an additional $1.7 billion in debt is up for approval when some conditions are satisfied.
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NEWS
By Alison Knezevich, The Baltimore Sun | December 31, 2013
The company that runs malls in Towson, Columbia, Owings Mills and White Marsh is removing cellphone-recycling kiosks from its Maryland locations after politicians voiced concerns that the machines contribute to cellphone thefts. General Growth Properties is taking ecoATMs out of all its properties in the state, a spokesman for the Chicago-based company said Tuesday. The kiosks, which have been called "reverse vending machines," allow users to receive cash for used phones and other small electronic devices.
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BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | March 22, 2012
General Growth Properties will spend $1.8 million improving a seven-building office complex in Columbia's town center, its leasing agent said Thursday. The work on Columbia Corporate Center, across from the Mall in Columbia, will include renovations to suites, lobbies, common corridors and exteriors, said real estate services firm Cushman & Wakefield. jhopkins@baltsun.com twitter.com/RealEstateWonk
BUSINESS
By Steve Kilar, The Baltimore Sun | November 10, 2012
Baltimore's political and business leaders praised the New York-based real estate investment firm purchasing Harborplace as a potential savior for the Inner Harbor mall that has struggled to find the right mix of tenants to appeal to both tourists and locals. When it was announced last month that Ashkenazy Acquisition Corp. was eyeing Harborplace, Mayor Stephanie Rawlings-Blake cited the company's high-profile properties - among them Faneuil Hall Marketplace in Boston, Union Station in Washington and Rivercenter in San Antonio - as evidence that Ashkenazy will do right by Harborplace.
BUSINESS
August 3, 2010
Chicago-based General Growth Properties Inc. said it amended its reorganization plan to increase its capital structure flexibility and improve investment terms, and remains on track to emerge from bankruptcy in October. The plan includes the reinstatement of $1.3 billion in bonds due in 2012 and 2013. The company, which in Maryland owns Harborplace, the Gallery, the Village of Cross Keys, Mondawmin Mall, Towson Town Center, Owings Mills Mall and White Marsh Mall, among others, said its emerging financing needs will be met partially by the reinstatement of the bonds and it does not expect to need a previously contemplated term loan.
BUSINESS
By Andrea K. Walker, The Baltimore Sun | October 17, 2010
Empty stores haunt the corridors of Owings Mills Mall — their gates locked and shelves and racks bare. Slowly they have trickled out: Forever 21, Nine West, Express, all gone. Hulking department stores that once anchored the mall have shut down, leaving thousands of square feet of nothing. And as Ken James, a shopper and a suit specialist at the mall's Macy's, put it, "When McDonald's moves out, you know it's bad. " This is the latest bout of an identity crisis that has plagued Owings Mills since it opened in 1985.
NEWS
January 6, 2009
It may be a buyer's market, but Harborplace is going to be a tough sell. General Growth Properties, the financially strapped owner of the pavilions and The Gallery, says it is looking for investors or buyers for its waterfront markets here and in New York and Boston. Buying into these projects would require deep pockets since the commercial credit market is so pinched, but as critical to the future of Baltimore's prime waterfront venue, an investor would need vision. The heart of the Inner Harbor's revitalization 30 years ago, Harborplace remains a draw for tourists.
BUSINESS
March 10, 2010
CHICAGO - Two major investors in General Growth Properties are joining Brookfield Asset Management in offering to inject a combined $6.5 billion in fresh funds into the shopping mall operator to help it emerge from bankruptcy protection. General Growth said in a statement late Monday that its board is weighing an offer from Fairholme Capital Management, one of its largest unsecured creditors, and Pershing Square Capital Management, one of its largest shareholders, to invest $3.93 billion.
BUSINESS
February 20, 2010
Simon Property Group Inc. said General Growth Properties Inc.'s plan for discussing Simon's proposed takeover of its bankrupt rival is "unreasonable" and asked the mall operator to reconsider its negotiating agreement. Simon, the largest U.S. shopping mall owner, said General Growth's draft of a nondisclosure agreement would prohibit Simon from talking with potential partners and wouldn't ensure the company receives the same information made available to competing bidders. Simon commented in a letter sent to General Growth Chief Executive Officer Adam Metz and distributed Friday in a news release.
BUSINESS
December 3, 2009
NEW YORK - General Growth Properties Inc. said Wednesday that lenders have agreed to restructure about $9.7 billion in debt under a plan that will allow the nation's second-largest shopping mall operator to emerge from bankruptcy protection by the end of the year. General Growth will pay off loans covering 92 regional shopping centers, offices, community centers and related subsidiaries. The plan will allow the real estate investment trust to retain ownership of the properties, including Harborplace & The Gallery in Baltimore's Inner Harbor.
BUSINESS
Lorraine Mirabella | October 29, 2012
Hurricane Sandy forced many area retailers to close Monday. Mall owner General Growth Properties shut down its Baltimore-area malls including Harborplace & The Gallery in Baltimore's Inner Harbor, Towson Town Center in Towson, White Marsh Mall in White Marsh, Mondawmin Mall in Baltimore city and The Mall in Columbia. The Gallery remains ccessible for office tenants and guests of the Renaissance Baltimore Harborplace Hotel. Management expects to know later today whether the malls will re-open on Tuesday.
NEWS
October 24, 2012
When Harborplace first opened, it was hailed as one of the crown jewels of Baltimore's renaissance, and millions of visitors from across Maryland and around the country beat a path to its door. On a typical Saturday afternoon, the Light and Pratt street pavilions were beehives of activity, crowded with tourists who came to the Inner Harbor to eat, shop and gawk. More than 30 years later, Harborplace is still viable and still commercially successful, although not necessarily what it once was. There are any number of reasons for this, from competition elsewhere to the natural evolution of any attraction - but surely one big problem involved its owners and the lack of sufficient investment in the properties as ownership transferred from Rouse Co. to Chicago-based General Growth Properties, which subsequently landed in bankruptcy.
NEWS
By Steve Kilar and Lorraine Mirabella, The Baltimore Sun | October 24, 2012
The Baltimore waterfront's iconic Harborplace is being sold to a New York real estate investment firm that has a reputation for purchasing distinctive retail centers, Mayor Stephanie Rawlings-Blake announced Tuesday. Ashkenazy Acquisition Corp., which is collecting unique commercial landmarks like Faneuil Hall Marketplace in Boston, Union Station in Washington and Rivercenter in San Antonio, purchased the Inner Harbor mall from General Growth Properties, Rawlings-Blake said in a statement.
BUSINESS
By Ed Gunts, The Baltimore Sun | July 25, 2012
The longtime headquarters of the Rouse Co. will become home to the first Howard County branch of Whole Foods Market under a $20 million plan to renovate one of the community's most prominent landmarks and draw new residents downtown. The Howard Hughes Corp., the Dallas-based owner of the former Rouse headquarters, and Whole Foods Market of Austin, Texas, disclosed Wednesday that the upscale grocer has signed a lease for 45,000 square feet and plans to open a market by the fall of 2014 inside the largely vacant office building on Little Patuxent Parkway overlooking Lake Kittamaqundi.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | March 22, 2012
General Growth Properties will spend $1.8 million improving a seven-building office complex in Columbia's town center, its leasing agent said Thursday. The work on Columbia Corporate Center, across from the Mall in Columbia, will include renovations to suites, lobbies, common corridors and exteriors, said real estate services firm Cushman & Wakefield. jhopkins@baltsun.com twitter.com/RealEstateWonk
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | March 7, 2012
The Village of Cross Keys, an upscale North Baltimore shopping center and one of the earliest projects of Columbia founder James W. Rouse, has been sold by General Growth Properties to Ashkenazy Acquisition Corp., a retail and office property investor, according to a notice to tenants delivered Wednesday. The center on Falls Road is now being managed by Jones Lang LaSalle Americas Inc., according to the memo to retailers from the center's management office. The open-air shopping center has about 30 shops and restaurants, including Williams-Sonoma, Talbots, Ruth Shaw and Elizabeth Arden Red Door Spa. Chicago-based General Growth, which owns most of the malls in the Baltimore area, has been selling off noncore assets to boost its balance sheet since emerging from bankruptcy in 2010.
NEWS
March 26, 2008
The Columbia Association Board of Directors and General Growth Properties Inc. will meet April 3 on a variety of issues, including how the two organizations can best partner on the redevelopment of Columbia Town Center. The 7:30 p.m. meeting is open to the public and will be held in the Spear Center at GGP headquarters, 10275 Little Patuxent Parkway in Columbia. The discussion is expected to include GGP plans for the Columbia lakefront and Symphony Woods. GGP is scheduled to release its draft master plan of Town Center on April 28. Also on the agenda is a presentation by a GGP consultant on its regional storm water management plan.
BUSINESS
December 22, 2009
General Growth Properties is giving consumers more time to shop for the holidays this week by extending hours at four of its malls - Towson Town Center, White Marsh Mall, Owings Mills Mall and The Mall in Columbia. The malls will be open 9 a.m. to midnight today and 8 a.m. to midnight Wednesday. The mall owner is extending hours to make up for lost shopping time during Saturday's snowstorm when the malls closed early. Toys 'R' Us will be open from 6 a.m. to 1 a.m. today and Wednesday. It will be open from 6 a.m. to 9 p.m. on Christmas Eve. - Andrea K. Walker
NEWS
By Larry Carson, The Baltimore Sun | March 27, 2011
A $4.7 million plan to buy and use three electric buses for public transit in Columbia was rescued by Howard Community College officials, who agreed last week to host a recharging station for the vehicles after owners of The Mall in Columbia refused. The three 35-passenger vehicles would be the first of their kind used for public transit in the United States, said John W. Powell Jr., CEO of Central Maryland Regional Transit, a nonprofit group that administers the transit system covering Howard County, Laurel City and western Anne Arundel County.
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