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Howard Hughes Divests MOB in $115M Reverse 1031
As part of a $2-billion selloff of non-core assets, the Howard Hughes Corporation (HHC) sold a 208,000-square-foot build-to-suit in The Woodlands for $115 million. The buyer of the medical office property, home to MD Anderson The Woodlands, wasn’t disclosed.
HHC’s sale of 100 Fellowship Dr. completes a reverse 1031 exchange involving the December purchase from Occidental of two Class AAA office towers, recently rebranded as The Woodlands Towers at The Waterway.
“The sale of the build-to-suit MD Anderson cancer care facility in The Woodlands creates meaningful value for our shareholders and exemplifies our continued commitment to the sale of our non-core assets and our transformation plan,” said CEO Paul Layne.
He added that the sale “brings us another step closer to our goal of monetizing our non-core assets and recycling the expected $600 million of net cash proceeds into potential share repurchases, and into development within our core master-planned communities.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
