Howard Hughes Holdings Inc. has successfully completed the refinancing of 9950 Woodloch Forest Drive, a premier Class A office tower located in The Woodlands. With its prime location and impressive 601,000 square feet of space, this high-rise building is part of The Woodlands Towers at the Waterway office campus.
According to Carlos Olea from Hughes’s team, “We acquired 9950 Woodloch Forest Drive just before the pandemic when it was vacant. However, due to strong demand for commercial and office spaces in The Woodlands area – where our portfolio boasts a remarkable 90% occupancy rate – we have now leased out over 98% of this property.” Notable tenants include McKesson Specialty Health and Lancium Technologies Corp.
The acquisition of this asset was made possible through a $565 million portfolio deal with Occidental Petroleum Corp back in 2019. In line with their commitment to growth and excellence within the industry, Howard Hughes Holdings Inc has secured a non-recourse loan worth $130 million for five years at an attractive fixed interest rate of7.075%. This loan will be amortized on a convenient schedule spanning over thirty years.
In summary: Howard Hughes Holdings Inc., one of the leading players in real estate development and management sector recently closed on refinancing their prestigious property-9950Woodloch Forest Drive situated within TheWoodland TowersattheWaterwayofficecampus.ThecompanyacquiredthisassetfromOccidentalPetroleumCorp.in2019aspartofa$565millionportfoliodeal.Withanimpressiveareaof601000squarefeet,thishigh-risepropertyhasbeenleasedouttoover98percentoftenantsincludingMcKessonSpecialtyHealthandLanciumTechnologiesCorp.Throughtheircommitmenttogrowthandexcellenceintherealestateindustry,theHughesHoldingsInc.hassecuredanon-recourseloanworth$130millionforfiveyearsatafixedinterestrateof7.075percent.Thisloanwillbeamortizedonathirty-yearconvenient schedule.
