Western Midstream Leases 134,000 SF at The Woodlands Towers at the Waterway
THE WOODLANDS, TX (March 19, 2020) – The Howard Hughes Corporation ® (NYSE: HHC) has announced today that Western Midstream Partners, LP (NYSE: WES) has signed a 133,948-square-foot lease for the top five floors of 9950 Woodloch Forest Drive, one of two premier Class AAA towers in The Woodlands® comprising the newly rebranded The Woodlands Towers at The Waterway . The Howard Hughes Corporation acquired the two towers (formerly Anadarko Petroleum Corporation Headquarters) totaling approximately 1.4 million square feet of office space from Occidental Petroleum in late 2019. With this agreement, 9950 Woodloch Forest Drive is now 35% leased, with HHC’s corporate headquarters set to relocate to the building later this year. The Howard Hughes Corporation previously announced that the entire 808,000-square-foot 1201 Lake Robbins Drive building has been leased for thirteen years to Occidental.
“The Howard Hughes Corporation is proud to announce this lease in our newly acquired 9950 Woodloch Forest building, welcoming Western Midstream to The Woodlands Towers at The Waterway. We are committed to offering premium office space to meet the demands of the commercial office market for relocation and expansion here in our community,” said Jim Carman, President of the Houston Region for The Howard Hughes Corporation. “The Woodlands Towers at The Waterway offers unmatched amenities, focusing on health and wellness, along with an incredible rooftop terrace and panoramic views of The Woodlands Waterway®.”
The Woodlands Towers at The Waterway features a state-of-the-art, two-level fitness center complete with a basketball and volleyball court, approximately 33,000-square-foot rooftop terrace, building conference facilities, lobby café and a tenant concierge program along with additional amenities. Both Class AAA towers—the 595,000-square-foot, 31-story tower at 9950 Woodloch Forest Drive and the 808,000-square-foot, 30-story tower at 1201 Lake Robbins Drive—are LEED Silver certified.
Western Midstream acquires, owns, develops and operates midstream energy assets. The estimated commencement date for move-in to The Woodlands Towers at The Waterway, which offers frontage along Interstate 45 with convenient access to the Grand Parkway, Hardy Toll Road and the George Bush Intercontinental Airport, is anticipated for November 2020, with temporary space being provided to Western Midstream beginning in April 2020.
“We are pleased to have signed a new lease with The Howard Hughes Corporation and to retain our corporate office in The Woodlands Towers. This provides us with compelling economics, flexibility, and stability for our employees and avoids unnecessary relocation costs,” said Craig Collins, Senior Vice President and Chief Operating Officer, Western Midstream.
James P. Bailey, Jr., Chad Beck and Rich Claussen with Cushman & Wakefield represented Western Midstream Partners, LP while Robert S. Parsley, Norman V. Munoz and Jillian Fredericks with Colliers International represented The Howard Hughes Corporation in-house.