Layne Christensen Company Signs on as Major Tenant for One Hughes Landing at The Woodlands Master Planned Community

  Layne Christensen Company Signs on as Major Tenant for One Hughes Landing at
  The Woodlands Master Planned Community

   Financing Also Secured for Construction of First Office Building on Lake
                    Woodlands in New Mixed-Use Development

Business Wire

THE WOODLANDS, Texas -- December 11, 2012

The Woodlands Development Company (TWDC), a wholly-owned subsidiary of The
Howard Hughes Corporation (NYSE: HHC), today confirmed that Layne Christensen
Company (Nasdaq: LAYN) has signed a 51,152-square-foot lease for the top two
floors of One Hughes Landing, the first office building to be constructed at
Hughes Landing, a 66-acre, mixed-use development situated on 200-acre Lake
Woodlands. With construction just beginning, the building is already nearly 30
percent pre-leased.

Lakeside rendering of One Hughes Landing on Lake Woodlands in The Woodlands
Master Planned Community ...

Lakeside rendering of One Hughes Landing on Lake Woodlands in The Woodlands
Master Planned Community near Houston, Texas (Photo: Business Wire)

“With the strong demand for premium office space in The Woodlands, Hughes
Landing offers a one-of-a-kind option with high-quality finishes, a beautiful
lakeside setting and the outstanding amenities within the development and
overall community,” said Grant Herlitz, President of The Howard Hughes
Corporation. “We are pleased to welcome Layne Christensen as our first major
tenant to the development.”

Designed by Gensler of Houston to be LEED Silver Certified, construction is
now underway on the 197,000-square-foot, Class A, eight-story building and is
expected to be completed by September, 2013. It will be the first of up to
eight office buildings at Hughes Landing on Lake Woodlands, a dynamic
destination within The Woodlands that also includes a boutique hotel, numerous
retail and entertainment venues offering high-end specialty stores and
upscale, multi-family residential housing.

“Companies such as Layne Christensen are interested in The Woodlands as the
ideal location in Houston to ‘live, work, play and learn,’” said Paul Layne,
Executive Vice President of Master Planned Communities for The Howard Hughes
Corporation. “Major companies recognize The Woodlands as offering the quality
lifestyle they want to attract and retain top talent.”

Layne Christensen Company is a global solutions provider to the world of
essential natural resources – water, mineral and energy. The company offers
innovative, sustainable products and services with an enduring commitment to
safety, excellence and integrity. Layne Christensen will begin relocating
approximately 210 employees from its current location in Mission City, Kansas
beginning in February. The company will occupy One Hughes Landing in
September.

“We are delighted by the opportunity to join The Woodlands community and the
amenities it provides,” said Rene J. Robichaud, President and CEO of Layne
Christensen Company. “The Woodlands is a wonderful location to live and to
conduct business. We sincerely appreciate the efforts of The Woodlands
Development Company to collaborate on our new building. We look forward to a
successful partnership in the years to come.”

The Howard Hughes Corporation has also secured $38 million in non-recourse
financing from Texas Capital Bank and Woodforest National Bank for
construction of the building.

TWDC is being represented by Robert S. Parsley and Norman V. Munoz of Colliers
International for the leasing of One Hughes Landing. Layne Christensen was
represented by Sven Sykes of Colliers International (Chicago), Brian W.
Johnson of Colliers International (Kansas City) and Jay Kyle of Colliers
International (Houston).

About The Woodlands

The Woodlands is a 28,000-acre master-planned community located 27 miles north
of downtown Houston. Throughout its 38-year history, The Woodlands has led the
way among master-planned communities that practice environmental preservation.
It is home to more than 102,000 people, and nearly 50,000 people work in the
community. The Woodlands is ranked the #1 Top-Selling Master-Planned Community
in Texas and #2 in the U.S. by RCLCO, based on 2011 new home sales. For more
information, visit www.thewoodlands.com.

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, the company’s properties include master-planned
communities, operating properties, development opportunities and other unique
assets spanning 18 states from New York to Hawaii. The Howard Hughes
Corporation is traded on the New York Stock Exchange as HHC, and is
headquartered in Dallas, Texas. For more information about HHC, visit
www.howardhughes.com.

Safe Harbor Statement

Statements made in this press release that are not historical facts, including
statements accompanied by words such as “will,” “believe,” “expect,”
“enables,” “realize”, “plan,” “intend,” “transform” and other words of similar
expression, are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are based on
management’s expectations, estimates, assumptions, and projections as of the
date of this release and are not guarantees of future performance. Actual
results may differ materially from those expressed or implied in these
statements. Factors that could cause actual results to differ materially are
set forth as risk factors in The Howard Hughes Corporation’s filings with the
Securities and Exchange Commission, including its Quarterly and Annual
Reports. The Howard Hughes Corporation cautions you not to place undue
reliance on the forward-looking statements contained in this release. The
Howard Hughes Corporation does not undertake any obligation to publicly update
or revise any forward-looking statements to reflect future events, information
or circumstances that arise after the date of this release.

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Contact:

The Woodlands Development Company
Susan Vreeland-Wendt, 281-719-6174
svreeland-wendt@thewoodlands.com
or
The Howard Hughes Corporation
Caryn Kboudi, 214-741-7744
caryn.kboudi@howardhughes.com