Topping the internet searches in Google currently is the Howard Hughes Corporation which has seen a lot of activity and corporate deals recently. The activity and all of the recent hype surrounds some recent real estate deals involving some commercial buildings in Texas as well as some valuable commercial real estate in Honolulu, Hawaii.
According to reports, the Howard Hughes Corp. has about $2.3 billion in net tangible assets and a market cap of just under $2 billion. Recent deals indicate that the Howard Hughes Corporation is starting to cash in and monetize its valuable commercial real estate holdings.
Among the properties owned by Hughes are reportedly over 14,000 acres of residential and commercial property in Nevada, Texas, and Virginia, plus 2.6 million square feet of retail and commercial space in Honolulu, Hawaii. The property in Hawaii includes some 60 acres of beachfront property currently zoned mixed-use development.
In Honolulu, the Howard Hughes Corporation recently hired Bishop Street Commercial, Hawaii’s 10th largest commercial real estate firm, to handle new leasing for 600,000 square feet of office and industrial space which will include space at the IBM Building, Ward Plaza, and Ward Centers and additional commercial space in the area.
According to reports from Jennifer Dawson at the Houston Business Journal, the Howard Hughes Corp. is planning construction of 3 office buildings with 1 million square feet and an adjacent parking garage to be built on 9 acres or property immediately west of the McKesson Building in The Woodlands.
The site is a very popular corporate park which has seen pre-lease activity so high that developers have increased the size of other buildings 42,000 square feet to meet demand. Construction of the new buildings is scheduled for completions by the early part of next year.