Howard Hughes finishes 2019 with $565M office buy
HOUSTON – The Howard Hughes Corp. has closed out the year with a $565 million buy from locally based Occidental Petroleum Corp.
The deal includes:
the 1.4 million-sf, Class A The Woodlands Towers at the Waterway office pair;
ConocoPhilip’s former 17-building, 1.3 million-sf headquarters campus on 63 acres in the Energy Corridor; and
a 125,000-sf warehouse and 9.3 acres of developable land in The Woodland Town Center.
The office towers at 1201 Lake Robbins Dr. and 9950 Woodloch Forest Dr.—previously called Anadarko Allison and Anadarko Hacket Towers—are 808,000 and 595,000 sf, respectively. They were renamed after Occidental acquired Anadarko in August.
Occidental will fully lease back the larger of The Woodlands towers and the nearby warehouse for 13 years.
Howard Hughes will move its headquarters into the smaller tower.
The Class A Energy Corridor complex is currently vacant.
CBRE listed the properties on behalf of Occidental.
Get more Houston-area office news on the Real Estate Center’s website:
Source: Houston Business Journal
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