High Occupancy at Woodlands Office Space, Market briefs

In The Woodlands, The office market in The Woodlands is outpacing the performance of office space in the overall Houston metropolitan area.

Howard Hughes’ office portfolio in The Woodlands is 90% leased, while overall Houston MSA has office occupancy below 75 percent.

“The exceptional leasing activity across our portfolio reflects The Woodlands’ position as a premier business destination,” said Jim Carman, President of the Houston Region at Howard Hughes. “These new commitments from both established and emerging companies demonstrate the strength of our market and the quality of our offerings.”

In Last June, Howard Hughes purchased the 142,000, SF Waterway Plaza II for $19.2 million. At the time, the building, 10001 Woodloch Forest Drive, was 55 percent occupied. “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,” Howard Hughes CEO David O’Reilly said last summer.

Howard Hughes Holdings reported notable fourth-quarter activity at a number of its office locations including Hughes Landing, the recently purchased Waterway Plaza II, and 3831 Technology Forest Drive.

The new leases and expansions reflect a diverse mix of industries— chemical distribution, energy, financial services, healthcare, real estate, and technology—and include:

• Tachus, a leading fiber internet company, signed a 25,051-SF lease for its primary headquarters at 3831 Technology Forest. Ryan Roth, JD and Jerrod McQuain with JLL represented Tachus.
• Weaver and Tidwell, a national accounting and consulting firm, is expanding to 26,031 SF at One Hughes Landing. Scott Morse and Katherine Jessen Pool with Citadel Partners represented Weaver and Tidwell.
• Beusa—and its family of companies, Evolution, Dynamis, Amp and Mertz, reflect dynamic energy companies, specializing in fracturing services, turbine power solutions, manufacturing/integration and services across the United States—recently expanded its operations, leasing an additional 14,000 SF at Three Hughes Landing.
• Aktopa, a chemical distribution company specializing in providing its customers with a wide variety of chemical solutions, relocated its headquarters from Technology Forest to Two Hughes Landing, leasing 2,853 SF. Aktopa, has a regional office in Mexico and customers in other LATAM countries.
• WorkHub Developments, a leading real estate developer specializing in flexible small-bay industrial space solutions has leased 2,507 SF at Three Hughes Landing for their staff.
• Sydenham Clinic, known for its excellence in personalized concierge health and longevity care, has secured a premier waterfront space at One Hughes Landing in The Woodlands. Shikha Honawar of JPAR Real Estate, Honawar Group represented the clinic.
• White Wing Wealth Management, a financial advisory firm, will relocate its wealth management services headquarters from Six Pines Drive to Waterway Plaza II, leasing 7,200 SF. Ryan Dierker with Newcor Commercial Real Estate represented White Wing Wealth Management in the transaction.

Scott Fikes and Jack Russo with JLL represented Howard Hughes in all the transactions.

Said Alex Hancock, Senior Vice President, National Sales and Leasing at Howard Hughes. “The blend of world-class office space, urban walkability, and a sustainable, naturally wooded community, creates an unparalleled work-life balance that consistently attracts and retains prestigious organizations.”

Hughes Landing is 79-acre, award-winning multi-use destination featuring seven Class A office buildings in The Woodlands.

The Woodlands is a 28,500-acre award-winning large-scale planned community located 27 miles north of Downtown Houston.

The Woodlands is home to 123,000 people, with nearly 72,000 people working in the community, which offers an unprecedented 35% of green space

Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and multi-use real estate throughout the U.S. Its properties include Downtown Columbia in Maryland; The Woodlands, Bridgeland and The Woodlands Hills in the Houston area; Summerlin in Las Vegas; Ward Village in Honolulu, Hawaiʻi; and Teravali in the Phoenix, area.

Howard Hughes Holdings is traded on the New York Stock Exchange as HHH.