 | |
| Company type | Public |
|---|---|
| |
| Industry | Real estate development |
| Founded | 2010; 16 years ago (2010) |
| Headquarters | The Woodlands, Texas, U.S. |
Key people |
|
| Revenue |  US$1.75 billion[2] (2024) |
| US$564 million[2] (2024) | |
| US$201 million[2] (2024) | |
| Total assets |  US$9.21 billion[2] (2024) |
| Total equity | US$2.77 billion[2] (2024) |
| Owner | Pershing Square Capital Management (47%)[3] |
Number of employees | 608[4] (2023) |
| Website | howardhughes |
Howard Hughes Holdings Inc., formerly theHoward Hughes Corporation, is areal estate development and management company based inThe Woodlands, Texas. It was formed in 2010 as a spin-off fromGeneral Growth Properties (GGP). Most of its holdings are focused on severalmaster-planned communities. It took its name from the originalHoward Hughes Corporation, which had developed the planned community ofSummerlin, Nevada, and later became a subsidiary of GGP.
General Growth Properties filed forChapter 11 bankruptcy protection in 2009.[5] The company proposed a reorganization plan that includedspinning off a new company named General Growth Opportunities, which would include those properties that had long-term development potential but little or no income.[6] The name of the proposed spin-off was later changed to The Howard Hughes Corporation (HHC).[7] The spin-off of HHC to GGP's shareholders was completed on November 9, 2010, when GGP exited bankruptcy.[8][9] The new company held a portfolio that included GGP'smaster planned communities,mixed-use developments, and undeveloped land.[9] Hedge fund managerBill Ackman was appointed chairman of the new company.[8]
In 2019, in response to investor disappointment with the company's stock price, HHC conducted a review of strategic options, including the possibility of selling the company.[10][11] Ultimately, the company announced a "transformation plan", under which it would focus on its master-planned communities and sell off $2 billion of non-core assets.[12][13] HHC moved its headquarters from Dallas to The Woodlands in 2020 as a cost-cutting measure under this plan.[14]
The company acquired its sixth master-planned community in 2021, purchasing the 37,000-acreDouglas Ranch development in thePhoenix area (later renamed to Teravalis) for $600 million.[15]
In 2023, HHC reorganized itself as a holding company named Howard Hughes Holdings (HHH), with the Howard Hughes Corporation as a subsidiary.[16] It then moved its entertainment-related properties into a new division, Seaport Entertainment, which it planned to spin off to shareholders by the end of 2024.[17][18] Seaport Entertainment's assets would include theSouth Street Seaport in Manhattan, theLas Vegas Aviators baseball team, theair rights to develop a casino atFashion Show Mall on theLas Vegas Strip, and a minority stake inJean-Georges Restaurants.[17] The spinoff was completed in August 2024.[19]
In May 2025, HHH agreed to a $900 million investment from Bill Ackman's company,Pershing Square Capital Management, raising Pershing's ownership stake to 47 percent.[20] Ackman rejoined HHH as executive chairman and described plans to transform it into a diversified holding company, modeled onBerkshire Hathaway.[21] In a step toward this strategy, HHH agreed later that year to acquire Vantage Group Holdings, areinsurance and specialty insurance firm, for $2.1 billion.[22] Ackman hoped that the finances of an insurance company would serve as a foundation for HHH to acquire controlling stakes in other smaller companies.[20]
The company divides its properties into segments: master planned communities, operating assets, and strategic developments.[23]
The company has six master planned communities, with a total of approximately 35,000 acres (14,000 ha) of land remaining to be developed or sold.[23]
This category comprises 73 revenue-generating assets as of 2023, including retail, office, and multi-family residential properties, most of which are located in the company's six master planned communities.[23] The portfolio includes 11 retail properties with 2.1 million square feet of space; 34 office properties with 6.6 million square feet of space; and 17 apartment complexes with a total of 5,587 units.[24] Notable properties include:
The company lists 18 strategic projects as of 2023, in various stages of development.[23] Notable projects include:
Seaport Entertainment Group (AMEX: SEG) is an entertainment and real estate development company based inNew York City that was formed in 2024 as aspin-off of Howard Hughes Holdings.
Seaport's namesake property is theSouth Street Seaport in Manhattan, where it owns Pier 17, theFulton Market Building, the Tin Building, and various other retail, office, and restaurant properties.[25] At250 Water Street, Seaport is developing a high-rise mixed-use building.[25]
Other assets include theLas Vegas Aviators baseball team, theLas Vegas Ballpark, an 80% stake inair rights to develop a casino hotel at theFashion Show Mall on theLas Vegas Strip, and a 25% stake inJean-Georges Restaurants.[25]