HOUSTON – (Realty News Report) – Howard Hughes Corp. has acquired two vacant, Class-A office buildings immediately adjacent to its Hughes Landing development in the master planned community of The Woodlands.
The company purchased the four- and six-story buildings totaling 257,025 SF with views of Lake Woodlands, along with excess land which allows for the development of an additional office building, for $53 million.
The buildings, which were completed in 2002 and 2012, had been owned and occupied by Chicago Bridge & Iron. The CBI firm was acquired by McDermott International earlier this year.
The Howard Hughes Corporation intends to re-tenant these buildings as soon as possible.
Paul Layne, President of the Central Region of The Howard Hughes Corporation said, “This acquisition adds to our already dominant market position in the region and strengthens our control over the supply of office space in The Woodlands.”
The Woodlands is a 28,000-acre master planned community located 27 miles north of downtown Houston.
It is home to over 116,000 people, and more than 66,000 people work in the community.