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Entergy and Exxon Mobil Lease Space in The Woodlands

Howard Hughes Corp. acquired the Lake Front North project last September for $53 million.

THE WOODLANDS –  (Realty News Report) – Entergy and Exxon Mobil leased space in the Lake Front North office complex owned by Howard Hughes Corp., the developer of The Woodlands.

Entergy, a New Orleans-based electric power company, leased 54,000 SF in Lake Front North.

Exxon Mobil, which has a 3 million SF campus in Springwoods Village in north Harris County, leased 26,000 SF.

In September 2018, Hughes paid $53 million to purchase the four- and six-story Lake Front North buildings totaling 257,025 SF with views of Lake Woodlands, along with excess land which allows for the development of an additional office buildings. The two buildings, which were completed in 2002 and 2012, had been owned and occupied by Chicago Bridge & Iron. The CB&I firm was acquired by McDermott International last year. Since the buildings were acquired, 167,000 SF of space has been leased in the buildings, which are now 91 percent occupied.

Also, Arena Energy recently leased 87,231-SF in Lake Front North for its headquarters.

The brisk lease-up of the buildings proves demand for Class A space is high in The Woodands, said Paul Layne, president of the central region for Howard Hughes Corp.

The two Lake Front North buildings sit on 4.2 acres, leaving about 9 acres for future development or build-to-suit projects. The buildings are located in the Hughes Landing section bordering the 200-acre Lake Woodlands.

Approximately 117,000 people live in The Woodlands (28,000 acres) and more than 66,000 people work there.

March 4, 2019 Realty News Report Copyright 2019

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