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Real Estate Bisnow
January 3, 2013 
WorkSpaces (Left2) BALT

BECO's Biggest

B'more Buy Yet

General Growth Properties has sold the 330k SF Owings Mills Corporate Center for $14.5M. It's BECO Management's highest-profile Baltimore acquisition. (We have a pic of the building below, so we trust you'll send us the same amount. Honor system, folks.)
Jeffrey Cohen and Traci Bidinger at Owings Mills Corporate Center on Jan. 2, 2013
BECO prez Jeffrey Cohen and colleague Traci Bidinger were among the BECO folks at the property yesterday at 7am to introduce themselves to tenants returning from the holidays. One tenant is familiar with the new owner: Aon also has space in Beco's Innovation Park in Charlotte, where BECO has acquired 2M SF over the past two years.
Owings Mills Corporate Center
Jeffrey tells us the Owings Mills properties are 50% leased with no more substantial rollover on the way, but BECO has already started chatting with tenants about the amenities they want, and the firm will release renovation plans next week. GGP got the buildings, built in '87, with its acquisition of Rouse Co. GGP still owns the nearby Owings Mills Mall, for which redevelopment plans are up in the air, pending Greenberg Gibbons' recently approved Foundry Row at the old Solo Cup site.
Kris Broder, Michael Brodsky, and Thomas Grant at Owings Mills Corporate Center on Jan. 2, 2013
BECO's Kris Broder, Michael Brodsky, and Thomas Grant. Jeffrey says Foundry Row is positive growth and the mall is too well located not to turn into something good. "Eventually they'll work it out," Jeffrey says. But his new office properties are good buys regardless of progress at the mall. Tenants want to be in Owings Mills, he says.

Affordable Housing Avoids the Cliff
Amy McClain and Andrew Vincent, Jan. 31, 2012
The fiscal bill President Obama signed last night resurrected several affordable housing tax credits that had been on death row for a year, says Ballard Spahr partner Amy McClain (above, with AHC Greater Baltimore director Andrew Vincent). The New Markets Tax Credits program expired a year ago, though deals continued in 2012 as Congress worked on its budget differences. The new law extended that for two years, Amy says, and also pegged LIHTC at 9% (rather than a flex rate). That not only is a vote of confidence in the credits but also guarantees stable returns for LIHTC investors. (Like the President, we wrote this entire issue with Autopen. Our computer screen is a bit dinged up now.)
Bolton Hill
Still, Amy says, the industry needs to stay alert and continue to advocate for federal and state affordable housing measures. The Maryland Department of Housing & Community Development's Rental Housing Works program, for instance, is making $17.5M available for affordable housing developers this year (and will seek $20M more for next year). And HUD has launched Choice Neighborhoods to address community development on a broader scale—not just housing but also schools, healhcare, and jobs. In Baltimore, she says, Jubilee Housing has received a planning grant through the program for the communities in and around Bolton Hill.
Amy is mdoerating Bisnow's 2nd Annual Baltimore Affordable Housing Summit in two weeks. Also speaking are Enterprise Homes' Christine Madigan, Pennrose Properties' Ivy Dench-Carter, Urban Atlantic Development's Scott Nordheimer, and CohnReznick's Jonette Hahn. Sign up here!

Squaring Off for the Holidays
Marriott BWI Airport on Dec. 13, 2012
The NAIOP Maryland holiday lunch at the Marriott BWI Airport offered a little healthy Hollywood Squares competition, featuring nine local CRE celebs and their "opinions."
Abby Glassberg, Kate Jordan, Brendan Gill, and Matt Melnick at the Marriott BWI Airport on Dec. 13, 2012
Here's CBRE's Maryland's Abby Glassberg, NAI KLNB's Kate Jordan, MacKenzie Management's Brendan Gill, and Cushman & Wakefield's Matt Melnick with the several hundred pounds of clothing NAIOP Maryland donated to Paul's Place, which serves Pigtown area.
Send story ideas to amanda.metcalf@bisnow.com.
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