Related’s Jay Cross joins Howard Hughes as president

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Jay Cross, the former Related president who led the company’s
development efforts of the 28-acre Hudson Yards, has been named resident of the
Howard Hughes Corporation.

The announcement came as part of an executive leadership
shakeup that including the promotion of HHC’s Interim CEO, David R. O’Reilly, to
Chief Executive Officer.

O’Reilly he joined The Howard Hughes Corporation in 2016 as the CFO, and will continue in that role while a search is conducted for a permanent successor.

L. JAY CROSS

Cross joined Related in 2008 and led the $20 billion,
28-acre Hudson yards redevelopment that includes  11 million square feet of mixed-use
commercial, residential, retail, and entertainment space, along with seven
acres of open public space featuring the acclaimed Heatherwick-designed Vessel.

Before joining Related, Cross served as President of the New
York Jets and was the driving force behind the development of the $1.3 billion
MetLife Stadium, the team’s joint venture with the New York Giants.

Earlier in his career, Cross served as President of Business
Operations for the NBA’s Miami Heat and was responsible for the development of
the America Airlines Arena. That $213 million waterfront project included the
creation of a public-private partnership between the team and Miami-Dade
County, as well as a development program for urban amenities surrounding the
arena, driving the revitalization of downtown Miami.

Cross also  oversaw
the development of Toronto’s $265 million Air Canada Centre through a complex
rezoning process. The dual-sport complex is home to the NBA’s Toronto Raptors
and the NHL’s Toronto Maple Leafs, and is located on one of the finest arena
sites in North America, in the heart of Toronto’s downtown.

“We are extremely fortunate that Jay is joining The Howard
Hughes Corporation as its new President,” said Bill Ackman, chairman of HHC.
“Jay’s extraordinary development career is perfectly matched with HHC’s vision
to accelerate strategic development in its master planned communities, and
build the cities of tomorrow. Jay is a fantastic addition to our executive
leadership team. With David and Jay at the helm, we are ideally positioned to
fulfill our vision for HHC’s growth.”

As the architect and leader of HHC’s 2019 Transformation
Plan, O’Reilly realized meaningful reductions in overhead, executed on the sale
of non-core assets, and refocused the company on its highly profitable MPCs.

“It is an exciting time for me to become the CEO of The
Howard Hughes Corporation,” he said. “Our acclaimed master planned communities
are well positioned to realize significant growth from both new residents and
corporations seeking walkable communities in natural settings with expansive
open green space and sought-after urban amenities.

“I look forward to partnering with Jay as we continue to
drive the success of the extraordinary communities in our portfolio and
tenaciously pursue every opportunity to unlock the value inherent in our
assets.”

The announcement comes two months after HHC unveiled its
plan to redevelop an old glue factory site in the South Street Seaport as a 470
ft. twin tower apartment complex.

The developer said the $1.4 billion development at 250 Water Street will include 100 affordable apartments and renovations to the Seaport Museum.

Renderign of the planned 250 Water Street development

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