Gladstone Place Partners is working the restructuring of The Howard Hughes Corp., redeveloper of New York's South Street Seaport District, as it installs new leadership, shifts headquarters from Dallas to Houston, slashes overhead and unloads $2B in "non-core assets."
Paul Layne, president of HHC's central region and a 35-year veteran of the real estate development, steps into the CEO role, replacing David Weinreb.
Most recently, the eight-year HHC veteran led the development of 110 North Wacker, a 56-story tower in Chicago that is 69 percent pre-leased and slated to open on October 2020.
Layne will oversee HHC's transformation plan to become a more focused, profitable, and free-cash-flow-generative company that is focused on its master-planned communities and the Seaport District.
HHC expects the asset sale will be carried out over the next 12 to 18 months and result in a $600M cash windfall.
Gladstone's Steve Lipin and Lauren Odell work the HHC transformation.