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The Woodlands is a major office submarket
The Woodlands, located more than 30 miles north of Downtown Houston, is home to ExxonMobil, Chevron Phillips Chemical, Repsol, Huntsman Corporation, Nexeo Solutions, Newfield Exploration, and others all maintaining large headquarter campuses in the area. There is currently 256,000 sq. ft. under construction, most of which is expected to deliver by mid-2019. While the construction cycle is winding down in the Houston metro, new construction in The Woodlands ranks second only to the CBD at 1.9 million sq. ft. Since 2014, ExxonMobil’s campus alone has comprised approximately 40% of new development in The Woodlands, with Hughes Landing accounting for an additional 15%.
Lake Front North in Hughes Landing
The Howard Hughes Corp. recently announced that Entergy and ExxonMobil have signed separate deals for new office space at Lake Front North in Hughes Landing: Entergy a 54,010-sq.-ft. lease occupying two floors in Building 2; and ExxonMobil a 26,103-sq.-ft. lease on a single floor of Building 2. The two new leases follow the recent signing by Arena Energy of an 87,231-sq.-ft. lease at Lake Front North. Together with Chicago Bridge & Iron Company’s existing 53,710 sq. ft. of office space, Lake Front North is now 91% leased. In September, Howard Hughes Corp. bought the former CB&I buildings from McDermott International Inc. for a reported $53 million. McDermott acquired CB&I in a $6 billion deal in May.
ABS opens new global headquarters
American Bureau of Shipping formally opened its new global headquarters, anchoring the CityPlace 2 development, located at 1701 City Place Drive in Spring. Construction was completed on CityPlace 2 in Q4 2018, and ABS moved in January 2019. The space was preleased in the 10-story, 326,800-sq.-ft. back in May 2016 and construction began in early 2017.
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