Massive Hughes Landing Office Park Closes On $127M Loan
A fund managed by real estate company CIM Group closed on a $127M loan to refinance a Hughes Landing office park in The Woodlands.
The 649K SF office park is located between 1725 Hughes Landing and 1735 Hughes Landing and is owned by The Howard Hughes Corp. The buildings are 12- and 13-story Class-A offices constructed in 2015.
Irving, Texas-based Exxon Mobil, which has leased 478K SF at the office park since 2013, announced last year that it would condense its Houston presence and close its offices in The Woodlands. That massive space is now available as a sublease, and Howard Hughes Corp. is marketing it heavily, the Houston Business Journal reported. Exxon Mobil is moving employees to its City Place campus.
Howard Hughes Corp. is considering a life sciences or biotech company for the space. Though that space, consisting of an entire 12-story building and half of a separate building, was exclusively filled by Exxon Mobil and was designed for a single tenant, Howard Hughes Corp. is considering multiple tenants for the space, the Houston Business Journal reported.
Hughes Landing is a waterfront mixed-use in The Woodlands with hotels, entertainment venues and dozens of restaurants and retail. The Woodlands partially markets the Hughes Landing office park based on its proximity to Hughes Landings' Restaurant Row.