Howard Hughes Holdings Inc. has recently acquired a Class A office building, known as Waterway Plaza II, in The Woodlands Town Center. This six-story building offers 142,448 rentable square feet and is situated on a prime 3.23-acre site with an attached parking garage that can accommodate up to 1,316 vehicles. With current occupancy at just 55%, this acquisition provides Howard Hughes with much-needed inventory for their office portfolio in The Woodlands Town Center which currently boasts a high occupancy rate of 96%.
According to David O’Reilly of Howard Hughes, the addition of Waterway Plaza II brings significant value to their portfolio due its premium location and potential for both short-term lease-up opportunities and long-term redevelopment possibilities. With the strategic plan already in place to meet market demand, it is expected that this property will generate stabilized NOI (net operating income) of $3 million over the next few years.
This latest acquisition by Howard Hughes Holdings further solidifies their presence in The Woodlands area as they continue to expand and enhance their commercial real estate offerings.
