Howard Hughes Corporation (HHC) in Clark Street Value 2021 Q4

Real Estate Diversification and Strategic Land Development

Jul 09, 2025

Summary

Repositioning as a land developer for home builders and sunbelt apartments.
Recent acquisition of a massive plot of land west of Phoenix.
Risks include high exposure to office real estate and market volatility.
Sale of 110 N Wacker in Chicago exceeded expectations.

Howard Hughes Corporation (HHC, Financial) was discussed in the Clark Street Value 2021 Q4 letter as a complex real estate play with both risks and opportunities. The company's strategic shift towards land development and recent asset sales highlight its evolving business model.

"Howard Hughes Corporation is my perennial value trap, but the pitfall of their diversified real estate model is also a benefit... They've sold 110 N Wacker in Chicago for more than $1B." — Clark Street Value, 2021 Q4 Fund Letter

Read full letter at gurufocus Clark Street Value 2021 Q4 page.

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