The Howard Hughes Corporation Announces Renovation of IBM Building

  The Howard Hughes Corporation Announces Renovation of IBM Building

            Next Phase Begins in “forWARD” Vision for Ward Village

Business Wire

HONOLULU -- February 4, 2013

The Howard Hughes Corporation (NYSE: HHC) today announced plans to renovate
the IBM building, a well-known office building located along Ala Moana
Boulevard in the heart of Kaka‘ako. As the next step in realizing its vision
transforming Ward Centers into Ward Village, a vibrant urban master planned
community, The Howard Hughes Corporation is making a substantial investment in
the renovation of the building.

(Photo: Business Wire)

(Photo: Business Wire)

“We look forward to the IBM building becoming an integral part of the vision
for Ward Village,” said Nick Vanderboom, Senior Vice President of Development
for The Howard Hughes Corporation. “It is rewarding to bring new purpose to
this iconic structure.”

Originally designed by famed architect Vladimir Ossipoff, the IBM building
recently marked its 50^th anniversary. Through the redevelopment, the majority
of the space will continue to serve as an office building while a portion will
serve as the future information and sales center for Ward Village. Planned for
completion in the fall of 2013, the update will create dynamic open space on
the ground floor by opening up the walls surrounding the ground level. A
section of the floor will be dedicated to telling the story of the land, while
another will showcase the vision for the project. The front of the building
will also be enhanced with landscaping, water features and other design
elements in keeping with the future character of Ward Village.

Reflecting the Ward Village commitment to honoring the history of the land,
the concrete honeycomb exterior grille – the brise-soleil that makes the IBM
building a distinct architectural structure - will be retained as part of the
rehabilitation.

“As best I can recall, Val Ossipoff is quoted as saying ‘the grille is a
punched screen and as such recalls the punch cards universally used in
computing.’This seemed an appropriate reason for relating IBM, a computer
company, to its Honolulu home.Here is a unique grille, very permanent being
made of uncoated concrete which provides shade and yet allows views out to the
ocean and mountains and allows for a naturally lit interior,” said Sid Snyder,
a longtime friend and business partner of Val Ossipoff.

“The building’s classic grille is being preserved and the unique character is
respected.I appreciate that and understand there is a new purpose for this
building being preserved,” added Snyder.

The Howard Hughes Corporation will invest more than $20 million in the IBM
building renovation. The renovation is being directed by the internationally
acclaimed design firm Woods Bagot along with the local firm of Ferraro Choi &
Associates as the architect of record.The Howard Hughes Corporation is also
hiring local general contractors, Jay Kadowaki, Inc. and Albert C. Kobayashi,
Inc., respectively known for quality interiors and expertise in large-scale
projects.Nate Smith, a local project manager who has a history of managing
residential, commercial and institutional projects, including the renovation
of Ossipoff’s Thurston Chapel at Punahou School, has also been retained as a
consultant to assist with the coordination of the project.”

The Howard Hughes Corporation announced its “forWARD” vision for Ward Village
in October 2012, revealing plans to create a vibrant neighborhood offering
unique retail experiences, exceptional residences and affordable housing set
among dynamic public open spaces and pedestrian-friendly streets. Ward Village
will incorporate principles of sustainability and cultural respect that honor
the rich history of the land. The project is planned to be built out over the
next decade. When complete, Ward Village will double its retail, dining and
entertainment space, providing a compelling mix of local neighborhood shops,
restaurants and national retailers to serve locals and visitors alike. In
preparation for the renovation, The Howard Hughes Corporation has been working
to provide assistance to tenants affected by the project who are moving to
other locations within Ward Centers.

For more information please visit: www.avisionforward.com.

About The Howard Hughes Corporation

The Howard Hughes Corporation owns, manages and develops commercial,
residential and mixed-use real estate throughout the U.S. Our properties
include master planned communities, operating properties, development
opportunities and other unique assets spanning 18 states from New York to
Hawai‘i. The Howard Hughes Corporation is traded on the New York Stock
Exchange as HHC and is headquartered in Dallas, TX. For additional 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 Howard Hughes Corporation
Caryn Kboudi, 214-741-7744
caryn.kboudi@howardhughes.com
or
In Honolulu, HI
Bennet Group Strategic Communications
Crystal Yamasaki, 808-753-7134
crystal@bennetgroup.com
 
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