Hughes Holdings Acquires Woodlands Office Building

Howard Hughes Holdings Inc. acquired the Waterway Plaza II, a Class A office building that offers 142,448 rentable square feet in The Woodlands Town Center. Purchased for $19.2 million, the six-story building sits on a 3.23-acre site and includes a 1,316-space parking garage. With current occupancy of 55%, Waterway Plaza II provides much-needed inventory to Howard Hughes’ office portfolio in The Woodlands Town Center, which is currently 96% leased.

Hughes’s David O’Reilly added, “Waterway Plaza II gives Howard Hughes ownership of a Class A office building on a premium site in the heart of The Woodlands with exceptional near-term value through the lease-up of the existing vacancy, as well as the opportunity for long-term value creation through the site’s potential redevelopment. Our Woodlands Town Center office portfolio is essentially fully leased, and with the execution of our strategic plan to meet the ongoing demand, we expect Waterway Plaza II will achieve stabilized NOI of $3 million in the coming years.”