Howard Hughes Holdings Inc. announced on June 28 it had acquired the six-story Waterway Plaza II in The Woodlands Town Center, a Class A office building with 142,448 rentable square feet, for $19.2 million.

The details

The building is located on a 1.32-acre site and has a 1,316-space parking lot, according to a news release. The building had an occupancy of 55% as of the time of sale, according to the release, providing additional inventory for the Howard Hughes portfolio in The Woodlands, which was 96% leased.

Quote of note

“With this acquisition of over 3 prime acres and a parking garage, we have an unparalleled long-term covered land play with an attractive, low-cost basis as our downtown continues to attract companies and employees seeking a business-friendly location and high-quality lifestyle,” Howard Hughes CEO David O’Reilly said in the release.