Chicago Investor Pays $115M for The Woodlands Office Tower
MD Anderson at The Woodlands
THE WOODLANDS – An affiliate of Chicago-based Harrison Street Real Estate has purchased a medical office building occupied by MD Anderson Cancer Center for $115 million.
The 208,000-square-foot property at 100 Fellowship Drive, located near Highway 242, was sold by Howard Hughes Corp., the master-planned community’s developer.
Paul Layne, CEO of Howard Hughes Corp., said the disposition supports the company’s strategic plan to sell $2 billion of non-core assets. Proceeds will be used for share repurchases and to fund new development projects within the firm’s primary master-planned communities.
Layne noted that the transaction highlights the type of value-creation opportunities Howard Hughes pursues even in difficult market conditions. The development began in 2017, when Houston’s economy was under pressure from a steep drop in oil prices.
The sale of the MD Anderson-occupied building was executed as part of a 1031 exchange tied to Howard Hughes Corp.’s December acquisition of two former Anadarko office buildings from Occidental Petroleum.
