January 4, 2020
Howard Hughes Corp. (HHC) and Occidental shook hands on the acquisition of a multimillion-square-foot Houston office portfolio. HHC paid $565 million for properties in the Energy Corridor submarket, and in The Woodlands, TX, a suburb.
In The Woodlands, HHC acquired the 1.4-million-square-foot Woodlands Towers at The Waterway, a 125,000-square-foot warehouse, and 9.3 acres of developable land in The Woodlands Town Center. Occidental is leasing back the 808,000-square-foot tower at 1201 Lake Robbins Dr. and the warehouse in a 13-year agreement. “It was important to us . . . to maintain a presence in The Woodlands, and we are pleased to have signed a 13-year lease to remain in the community,” said Occidental’s Vicki Hollub.
In west Houston, HHC bought Century Park, a 63-acre, 17-building, 1.3-million-square-foot campus. HHC will immediately remarket the assets. Hollub said the sale was Occidental’s plan to sell non-core assets. CBRE’s Brandon Clarke, Jared Chua and Steve Hesse represented the seller.
Pictured: The Woodland Towers at the Waterway
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