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The Howard Hughes Corporation Names Paul Layne Head Of Master Planned Communities

Stocks in this article: HHC

The Howard Hughes Corporation (NYSE: HHC) today announced Paul Layne will join the company as Executive Vice President, Master Planned Communities effective April 30, 2012. Mr. Layne will report to Grant Herlitz, President of The Howard Hughes Corporation, and will be based in Houston near both The Woodlands and Bridgeland. For over 30 years Mr. Layne has been a vital leader in Houston’s commercial real estate community as well as in national and international real estate.

Most recently, Mr. Layne was Executive Vice President at Brookfield Properties Corporation leading the financial performance of a 9.7 million square foot portfolio in the Houston Central Business District. He was responsible for all of the region’s activities including leasing, operations, property management, legal, accounting, development and construction, as well as Brookfield’s global partnership task force. Prior to Brookfield, Mr. Layne was President of Cullen Center and Executive Vice President at Trizec Properties, which was acquired by Brookfield in 2006. Mr. Layne was responsible for 20 million square feet of space in the Southwest and California markets, leading over 300 employees. At Trizec Mr. Layne was also involved with the acquisitions of key assets including the Sears Tower in Chicago, Metropolitan Square in St. Louis, Allen Center Complex in Houston and Bank of America in Los Angeles. He began his career at The Horne Company and later spent five years as a Vice President at Prime Asset Management.

“Our master planned communities represent key opportunities for both sales and new development. We are pleased to have Paul lead the team and build upon the current momentum to deliver the full potential of these multi-faceted assets,” said Grant Herlitz, President of The Howard Hughes Corporation.

The Woodlands consists of 28,400 acres with approximately 2,125 acres remaining to be developed. The Woodlands is one of the most successful large-scale master planned communities (MPCs) in the U.S., with over 100,000 residents and 1,700 employers. 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, 232,774 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.

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