Howard Hughes Corp.’s Layne returns with new real estate venture

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Paul Layne, former chief executive of Howard Hughes Corp., has formed a privately held commercial real estate investment firm focusing on Houston-area properties.

Layne Property Partners, or LPP, will include properties his family had previously purchased, including apartments in Montrose and an antique show venue in Round Top. On the company’s website, six apartment buildings in the Heights and a property in Oak Forest are projected to close later this year.

Layne left Howard Hughes in September 2020 with a $2.63 million severance package during a year when the pandemic had battered the company, which is known for its master-planned communities but owns real estate in most sectors, from office and retail to hotels and a baseball stadium. At the time he departed, its stock had fallen 54 percent from the start of the year as COVID-19 pummeled the real estate industry.

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