The Howard Hughes Corporation (NYSE: HHC) today announced a partnership with Huntsman Corporation to complete a feasibility study for expanding the Huntsman facility in the Research Forest area of The Woodlands. Initial plans reflect Huntsman’s growing need for an increase in research and development capacity as well as a five-story Class A building containing 236,000 square feet and an attached garage to accommodate up to 900 cars. The Howard Hughes Corporation took full control of The Woodlands in July 2011 after acquiring its partner’s interest. Recently, the Howard Hughes Corporation announced that it would begin construction in March 2012 of 3 Waterway Square as a Class A, 240,000-square foot, eleven-story building located at The Waterway Square District. The company is also exploring opportunities to construct up to three new Class A office buildings and an adjacent parking garage.
“We are pleased with the momentum of our retail and office developments at The Woodlands and look forward to continuing the expansion with Huntsman as our partner,” said David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation.
The Woodlands consists of 28,000 acres with approximately 4,300 acres remaining to be developed. There is a total of 26.5 million square feet of commercial space in The Woodlands, with much of it concentrated in the 1000-acre Town Center. The Woodlands is well positioned with easy access to Interstate 45, the Hardy Toll Road and the future Grand Parkway, approximately 25 minutes from Bush Intercontinental Airport.
“The collaboration between the Howard Hughes Corporation and Huntsman enables us to build from our local market expertise and realize the strong and growing demand in The Woodlands as well as assist us in our continued growth here,” said Brian Ridd, Senior Vice President of Huntsman Corporation.
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ABOUT THE HOWARD HUGHES CORPORATION
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the country. Created from a selected subset of 34 assets previously held by General Growth Properties, the company's properties include master planned communities, operating properties, development opportunities and other unique assets spanning 18 states from New York to Hawaii.