HOUSTON-Dallas-based Howard Hughes Corp. is purchasing its partner in the Woodlands commercial and residential community in Houston. Morgan Stanley Real Estate Investing holds a 57.5% legal stake in the development.
Howard Hughes has agreed to purchase the property for $117.5 million. The Woodlands, one of planned communities with over 1,700 employers and 97,000 residents, comprises a nearly 1,370-acre unsold residential plot and a 936-acre commercial property. Since 1997, Morgan Stanley has been retaining The Woodlands project. For the full story, go to Dallas Morning News .
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