Howard Hughes Holdings Inc. , formerly the Howard Hughes Corporation , is a real estate development and management company based in The Woodlands, Texas . It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities . It took its name from the original Howard Hughes Corporation , which had developed the planned community of Summerlin, Nevada , and later became a subsidiary of GGP.
24-439: General Growth Properties filed for Chapter 11 bankruptcy protection in 2009. The company proposed a reorganization plan that included spinning off a new company named General Growth Opportunities, which would include those properties that had long-term development potential but little or no income. The name of the proposed spin-off was later changed to The Howard Hughes Corporation (HHC). The spin-off of HHC to GGP's shareholders
48-486: A public company via an initial public offering . In 1984, the company sold its holdings to Equitable Real Estate Investment Management for $ 800 million in the largest-ever single-asset real estate transaction to date, but retained the property management of the assets. In 1989, the company acquired Center Companies, creating the fourth-largest shopping center management company in the United States. In 1993,
72-724: A $ 1.2 million loan to develop Town & Country in Cedar Rapids, Iowa in 1953. At the time, it was one of the first malls in the United States. In 1954, the three brothers co-founded General Growth Properties, now known as GGP Inc. Bucksbaum served as its chairman and chief executive officer. By 1995, the company owned 21 malls in the US. In Iowa, the malls that Bucksbaum helped develop were located in small towns like Waterloo , Bettendorf , Council Bluffs , Davenport , Sioux City , Cedar Falls , Keokuk , West Burlington , Muscatine as well as cities like Ames and Des Moines. Bucksbaum served on
96-521: A deadline to repay $ 900 million in loans backed by two Las Vegas properties, putting the company in danger of filing for bankruptcy protection. At that point, the stock price was down 98% in 12 months. The Bucksbaum family's stake in the firm, which was worth $ 2.5 billion in 2005, had declined in value by a similar amount. On April 16, 2009, the company filed one of the largest real estate bankruptcies ever and received $ 375 million in debtor-in-possession financing from Pershing Square Capital Management ,
120-400: A land development company, for $ 7.2 billion in cash. By 2008, the company had taken on $ 25 billion in debt and the company was facing required debt payments. John Bucksbaum was ousted as CEO, though he remained chairman of the board , and Adam Metz was named CEO. In December 2008, hedge fund manager Bill Ackman disclosed a 25% ownership stake in the company. In 2009, the company missed
144-454: A total of 5,587 units. Notable properties include: The company lists 18 strategic projects as of 2023, in various stages of development. Notable projects include: Seaport Entertainment Group ( AMEX : SEG ) is an entertainment and real estate development company based in New York City that was formed in 2024 as a spin-off of Howard Hughes Holdings. Seaport's namesake property is
168-481: A total of approximately 35,000 acres (14,000 ha) of land remaining to be developed or sold. 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. 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
192-624: The Las Vegas Strip , and a 25% stake in Jean-Georges Restaurants . General Growth Properties GGP Inc. (an initialism of General Growth Properties ) was an American commercial real estate company and the second-largest shopping mall operator in the United States. It was founded by brothers Martin , Matthew and Maurice Bucksbaum in Cedar Rapids, Iowa , in 1954, and was headquartered in Chicago , Illinois , from 2000. It
216-524: The Phoenix area (later renamed to Teravalis) for $ 600 million. In 2023, HHC reorganized itself as a holding company named Howard Hughes Holdings, with the Howard Hughes Corporation as a subsidiary. 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. Seaport Entertainment's assets would include
240-664: The South Street Seaport in Manhattan, the Las Vegas Aviators baseball team, the air rights to develop a casino at Fashion Show Mall on the Las Vegas Strip , and a minority stake in Jean-Georges Restaurants . The spinoff was completed in August 2024. The company divides its properties into segments: master planned communities, operating assets, and strategic developments. The company has six master planned communities, with
264-661: The South Street Seaport in Manhattan, where it owns Pier 17, the Fulton Market Building , the Tin Building, and various other retail, office, and restaurant properties. At 250 Water Street , Seaport is developing a high-rise mixed-use building. Other assets include the Las Vegas Aviators baseball team, the Las Vegas Ballpark , an 80% stake in air rights to develop a casino hotel at the Fashion Show Mall on
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#1732844699987288-694: The Whitney Museum of American Art . He was a member of the Marshalltown Masonic Lodge. Bucksbaum died of a heart attack on July 7, 1995, in Des Moines, Iowa, at 74. His funeral was held at Temple B'Nai Jeshurun, and he was buried in the Jewish Glendale Cemetery. Shortly after his death, Bucksbaum was succeeded as chairman and CEO of GPP by his brother Matthew Bucksbaum . This article about an American businessperson born in
312-596: The board of directors of the Offitbank . He was a member of the International Council of Shopping Centers and a governor of the National Association of Real Estate Investment Trusts . Bucksbaum married Melva Venezky . They had two sons, Gene and Glenn, and a daughter, Mary. They resided in Des Moines, Iowa. Bucksbaum served on the board of governors of Drake University as well as the national committee of
336-404: The company and Sandeep Mathrani , formerly the head of the retail division of Vornado Realty Trust , was named CEO. In 2011, the company sold Faneuil Hall for $ 140 million. In January 2012, the company completed the spin off of Rouse Properties to its shareholders. In 2013, co-founder Matthew Bucksbaum died. In February 2014, Bill Ackman sold his remaining shares in the company back to
360-456: The company for $ 556 million. In April 2015, the company acquired the Crown Building for $ 1.78 billion. In January 2017, the company changed its name to GGP Inc. On August 28, 2018, GGP was acquired by Brookfield Property Partners and management of its former portfolio was transferred to its Brookfield Properties subsidiary for $ 9 billion in cash. The transaction reunited
384-480: The company moved its headquarters from Des Moines to Chicago. In 1999, John Bucksbaum succeeded his father as CEO. In 2000, the company moved its headquarters from Des Moines to Chicago. The company occupied a historic building on North Wacker Drive designed by architectural firm Graham, Anderson, Probst & White , that was later demolished. In 2004, the company acquired The Rouse Company , which owned 37 regional shopping malls and Howard Hughes Corporation ,
408-641: The company once again became a public company via an initial public offering , raising $ 400 million. In 1994, the company purchased a 40% interest in Centermark Properties from Prudential Financial . In 1995, the company sold 25% of its 40% stake, yielding a profit of over $ 100 million. In 1995, the company also purchased the Homart Development Company from Sears for $ 1.85 billion. In 1995, co-founder and CEO Martin Bucksbaum died and
432-540: The hedge fund managed by Bill Ackman. In February 2010, Brookfield Asset Management made a $ 2.625 billion equity investment in the company. In November 2010, the company exited bankruptcy protection. Creditors were paid in full and equity holders made a "substantial" recovery of their investment, both of which are unusual in bankruptcy filings. In conjunction with the reorganization, the company spun off Howard Hughes Corporation to its shareholders. In December 2010, CEO Adam Metz and President and COO Thomas Nolan left
456-609: The malls spun off in the Rouse Properties spinoff with the GGP malls. Upon closing the acquisition, Brookfield immediately sold a 49% interest in each of three former GGP super-regional malls to CBRE Group , and a 49% interest in three other former GGP malls to TIAA subsidiary Nuveen , seeking additional joint ventures for its newly-acquired malls. Martin Bucksbaum Martin Bucksbaum (July 31, 1920 – July 7, 1995)
480-435: The possibility of selling the company. 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. HHC moved its headquarters from Dallas to The Woodlands in 2020 as a cost-cutting measure under this plan. The company acquired its sixth master-planned community in 2021, purchasing the 37,000-acre Douglas Ranch development in
504-588: Was an American business executive. He served as the chairman and chief executive officer of GGP Inc. , a publicly traded real estate investment trust that invests in shopping centers. Bucksbaum was born July 31, 1920. His father, Louis Bucksbaum, owned three grocery stores in Marshalltown, Iowa . He had two brothers, Matthew and Maurice. Bucksbaum served in the United States Army during World War II . With his brothers Matthew and Maurice, Bucksbaum took
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#1732844699987528-406: Was completed on November 9, 2010, when GGP exited bankruptcy. The new company held a portfolio that included GGP's master planned communities , mixed-use developments , and undeveloped land. Hedge fund manager Bill Ackman was appointed chairman of the new company. In 2019, in response to investor disappointment with the company's stock price, HHC conducted a review of strategic options, including
552-557: Was founded in Iowa by three brothers, Martin , Matthew and Maurice Bucksbaum, in 1954 as General Management. That year, they borrowed $ 1.2 million to develop their first shopping center, Town & Country Shopping Center in Cedar Rapids, Iowa , in order to open a fourth location for the grocery store founded by their father. By 1964, the company owned five malls and moved its headquarters to Des Moines, Iowa . In 1970, General Management became General Growth Properties (GGP) and became
576-541: Was subject to the largest real estate bankruptcy in American history at the time of its filing in 2009. GGP was acquired by Brookfield Property Partners , and management of its portfolio was transferred to Brookfield Properties , in 2018. Its portfolio included 125 properties comprising approximately 121,000,000 square feet (11,200,000 m ) in 40 U.S. states at the time of its acquisition, ranking behind only Simon Property Group in total square footage. General Growth
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