Howard Hughes Corporation Acquires Approx. 1.4 Million Square Feet of Premium Office Space and Additional Land from Occidental

THE WOODLANDS, TX – The Howard Hughes Corporation ® (NYSE:HHC) announcedtoday the acquisition of two Class AAA office towers, warehouse space and developable land in TheWoodlands ®, Texas, from Occidental (NYSE: OXY), providing The Howard Hughes Corporation with highlysought-after, premium office space that will enable The Howard Hughes Corporation to meet ongoingdemand in the market. The acquisition increases The Howard Hughes Corporation’s office portfoliowithin the award-winning master planned community (MPC) by approximately 50%, and reinforces TheHoward Hughes Corporation’s standing as the community’s steward and largest stakeholder.The $565 million transaction also includes the acquisition of Occidental’s Century Park campus in theWest Houston Energy Corridor—a 63-acre, 1.3-million-square-foot campus with 17 officebuildings—which The Howard Hughes Corporation will immediately remarket, in line with its recentlyannounced commitment to sell non-core properties and to focus resources into the growth of its corebusiness of MPCs.In The Woodlands, The Howard Hughes Corporation's acquisition includes the two Class AAA towersrebranded as The Woodlands Towers at The Waterway , which total approximately 1.4 million squarefeet of office space, and a 125,000-square-foot warehouse. The acquisition also includes 9.3 acres ofprime, developable land located in The Woodlands Town Center® bordering The Woodlands Waterway®and fronting Interstate 45 North, providing the opportunity for meaningful future commercialdevelopment in the heart of The Woodlands.“The Howard Hughes Corporation is defined by a steadfast commitment to our master plannedcommunities, which across the country are consistently ranked among the best places to live, work anddiscover, allowing leading corporations to attract and retain today’s top talent,” said Paul Layne, ChiefExecutive Officer of The Howard Hughes Corporation. “This acquisition of Class AAA office space in TheWoodlands Towers at The Waterway, as well as the additional property in The Woodlands, furtherexpands our existing portfolio in this market where our 2.5-million-square-feet office portfolio iscurrently 94% leased, allowing us to respond to the growing need for premium office space ascompanies are looking to relocate and expand within The Woodlands.”Occidental will continue its presence at The Woodlands Towers at The Waterway, and will lease back100% of the larger, approximately 808,000-square-foot tower at 1201 Lake Robbins Drive and 100% ofthe warehouse for 13 years.“The sale of office complexes in the Houston Energy Corridor and The Woodlands is part of our plan todivest non-core assets and continue to improve the strength of our balance sheet,” said OccidentalPresident and CEO Vicki Hollub. “It was important to us, and many of our employees, to maintain apresence in The Woodlands and we are pleased to have signed a 13-year lease to remain in thecommunity.”The Howard Hughes Corporation will also be growing its own presence in The Woodlands, relocating itscorporate headquarters into the approximately 595,000-square-foot tower at 9950 Woodloch ForestDrive. 'We unequivocally believe that The Woodlands is the greatest destination in Texas for anycompany seeking to relocate or grow, and we look forward to contributing to the continued expansionof the business community as we relocate our headquarters from Dallas to The Woodlands Towers atThe Waterway,' said Mr. Layne.“These iconic towers have long been a beacon at the entry to The Woodlands Town Center and TheHoward Hughes Corporation is extremely proud to bring them into our portfolio,” said Jim Carman,President, Houston Region for The Howard Hughes Corporation. “The Woodlands offers a vibrantlifestyle, a strong workforce, highly-acclaimed schools, and unparalleled amenities including hiking trails,parks, and open spaces while focusing on health and wellness.”The Woodlands, Bridgeland ® and The Woodlands Hills ® are the award-winning MPCs in Texas whichhelp comprise the core of The Howard Hughes Corporation’s portfolio. Located in Cypress, Bridgeland isthe #1 top-selling MPC in the Greater Houston area as ranked by Metrostudy, and #11 in the nation asranked by RCLCO. The Woodlands Hills, located 13 miles north of The Woodlands in Conroe and Willis,Texas, is one of the newest MPCs in the Greater Houston area and is the first bespoke MPC of TheHoward Hughes Corporation, built on the company’s guiding principles of expert placemaking.Occidental was represented in the sale by Brandon Clarke, Executive Vice President, Jared Chua, SeniorVice President, and Steve Hesse, Vice Chairman, for CBRE.