howard hughes corp/the (HHC) Key Developments
The Howard Hughes Corporation Announces the Acquisition of Six Office Buildings in Downtown Columbia, Maryland
Dec 18 14
The Howard Hughes Corporation announced the acquisition of approximately 700,000 square feet of office product located in Downtown Columbia, MD valued at $130 million. The six office buildings more commonly known as 10 - 60 Columbia Corporate Center are 90% leased and are currently unencumbered. With the acquisition, The Howard Hughes Corporation now holds more than 1.1 million square feet of commercial space, representing 50% of the total Downtown Columbia office market according to Cushman & Wakefield. The acquired properties include: 10 Corporate Center - the four-story building contains approximately 90,000 square feet; 20 Corporate Center - the five-story building contains approximately 110,000 square feet; 30 Corporate Center - the 12-story building contains approximately 135,000 square feet; 40 Corporate Center - the 12-story building contains approximately 150,000 square feet; 50 Corporate Center - the seven-story building contains approximately 120,000 square feet; and 60 Corporate Center - the six-story building contains approximately 110,000 square feet.
The Howard Hughes Corporation Presents at Citi Basic Materials Conference 2014, Dec-03-2014 08:45 AM
Nov 18 14
The Howard Hughes Corporation Presents at Citi Basic Materials Conference 2014, Dec-03-2014 08:45 AM. Venue: Ritz Carlton New York, Battery Park, Two West Street, New York, NY 10004, United States. Speakers: Andrew C. Richardson, Chief Financial Officer and Principal Accounting Officer.
The Howard Hughes Corporation Closes $600 Million Construction Financing for Ward Village
Nov 10 14
The Howard Hughes Corporation announced that the company has secured a $600 million non-recourse construction loan from Blackstone Real Estate Debt Strategies for the development of Waiea and Anaha, the first two condominium towers at Ward Village. The financing was arranged by Randy Fleisher with the Dallas Capital Markets group of JLL. Ward Village is a 60-acre urban master planned community located in the heart of Honolulu between the city's downtown and Waikiki. This world-class coastal community is being meticulously curated into a vibrant neighborhood with plans for over 4,000 exceptional high-rise residences and more than one million square feet of retail space surrounded by outdoor public gathering places and pedestrian friendly streets. The neighborhood will be anchored by a four-acre public park that will serve as a multipurpose gathering space in Honolulu where residents and visitors will convene, socialize and enjoy an array of community events.
The Howard Hughes Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 10 14
The Howard Hughes Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the three months, the company’s net income attributable to common stockholders was $45.6 million, or $0.48 per diluted common share, compared with net income attributable to common stockholders of $7.3 million, or $0.17 per diluted common share for the three months ended September 30, 2013. Third quarter net income attributable to common stockholders includes a $24.7 million non-cash warrant gain and a $5.5 million non-cash increase in the tax indemnity receivable in 2014 and a $(4.5) million non-cash warrant loss and $0.7 million non-cash increase in tax indemnity receivable in 2013. Excluding these non-cash gains and losses, net income attributable to common stockholders was $15.5 million or $0.36 per diluted common share for the third quarter 2014 and $11.1 million, or $0.26 per diluted common share for the third quarter 2013. Total revenues were $119,228,000 compared to $99,615,000 a year ago. Operating income was $23,850,000 compared to $10,700,000 a year ago. Income before taxes was $46,205,000 compared to $12,605,000 a year ago.
For the nine months, the company’s net loss attributable to common stockholders was $55.5 million, or $1.41 per diluted common share, compared with $92.3 million, or $2.34 per diluted common share for the three months ended September 30, 2013. Total revenues were $427,512,000 compared to $335,465,000 a year ago. Operating income was $129,578,000 compared to $67,784,000 a year ago. Loss before taxes was $5,554,000 compared to $71,221,000 a year ago.
The Howard Hughes Corporation and The Woodlands Development Company Begin Construction on 205-Key Embassy Suites Hotel at Hughes Landing
Oct 16 14
The Howard Hughes Corporation and The Woodlands Development Company announced that it has begun construction on a 205-key Embassy Suites Hotel at Hughes Landing(R), a 66-acre mixed-use development in The Woodlands(R), the country's premier master planned community. Located on Lake Woodlands, Hughes Landing is a waterfront destination where people will live, work and play in a walkable community with a blend of popular retailers, dining, entertainment, multifamily residences and Class A office space. The new 205-room Embassy Suites is an upscale, all-suite, full-service hotel for both business and leisure travelers, slated for completion in late 2015. The 172,000-square-foot hotel will feature 3,000 square feet of meeting and event space; Embassy BusinessLink(TM) Business Center; a full-service bar and restaurant; and a 4,000-square-foot rooftop pool deck that overlooks Lake Woodlands. A 24-hour fitness center will include cardio, balance equipment and weight-training options. With more than 215 hotels in the United States, Canada and Latin America, Embassy Suites Hotels offer guests two-room suites with separate bedroom and living areas. A collection of coffee and teas by The Coffee Bean & Tea Leaf(R), which were specially created for Embassy Suites, are featured in each room. Guests will also be able to enjoy the brand's signature amenities like free "cooked-to-order" breakfast and an evening manager's reception that offers complimentary snacks and drinks. The nine-story hotel is located in the heart of Hughes Landing within walking distance to the shopping, dining, entertainment and office components. Hughes Landing will also include Whole Foods Market(R), Pier 1 Imports(R), Escalante's Fine Tex-Mex and Tequila, Local Pour gastropub, Del Frisco's Grille and California Pizza Kitchen. The first multifamily development in Hughes Landing, One Lake's Edge, will feature 390 luxury residences and is expected to open in early 2015. One Hughes Landing, a 197,719-square-foot, eight-story, Class A office building, opened September 2013, less than ten months after construction began and is now 100% occupied. Two Hughes Landing, a 197,714-square-foot, eight-story, Class A office building, opened in May and is 83% leased. The 12-story, approximately 321,000-square-foot Class A office building, Three Hughes Landing, recently broke ground with completion expected in the third quarter of 2015. All three buildings are designed to be LEED Silver Certified.