T
he Woodlands-based firm, Howard Hughes Holdings, has made a significant move in the real estate market with the construction of One Bridgeland Green, a 50,000-square-foot development at 20203 Bridgeland Creek Parkway in Cypress. The leasing efforts for this innovative project are being handled by the firm's own development team, along with JLL's Scott Fikes and Jack Russo.
One Bridgeland Green is part of a larger development known as Village Green, which will feature a variety of amenities such as an H-E-B grocery store. The design of this eco-friendly building focuses on using modern technology to create an efficient workspace that aligns with modern environmental standards. This includes energy-efficient photovoltaic panels and a rainwater harvesting system, which is expected to reduce water consumption by 80 percent.
The construction of One Bridgeland Green is scheduled for completion next summer and is expected to become a central part of the Bridgeland community. This development is a testament to the firm's commitment to sustainable practices and modern technology.
Earlier this year, Howard Hughes acquired the 140,000-square-foot Waterway Plaza II, a Woodlands office building situated within their own master-planned community. The purchase price was $19.2 million, or $135 per square foot.
According to Avison Young, trophy assets are leading the recovery of Houston's wobbly office market. Newer Class A buildings have seen significant leasing activity, while older buildings continue to struggle to find occupancy. Buildings constructed in the 1980s are about 30 percent vacant in Greater Houston, while those built since 2010 are only about 5 percent vacant.
This development is a significant move for Howard Hughes Holdings, demonstrating their commitment to sustainable practices and modern technology in their real estate projects. With the acquisition of Waterway Plaza II and the construction of One Bridgeland Green, the firm is solidifying its position as a leader in the real estate market.
