The Fairfield, CT-based General Electric will have an 80% stake in the Four Westlake Park in Houston. Four Westlake Park is a 560,000 sf, class A office property in the Katy Freeway submarket in west Houston. Crescent will maintain 20% interest and will manage and the lease Four Westlake on a fee basis.
The pact also includes an Austin office property. Crescent gains about $120 million in the arrangement.
Denny Alberts, Crescent president and CEO, says, Crescent strikes deals with "partners who believe in our core markets and business strategy." The transaction, says Alberts, is representative of measures being taken to further Crescent's growth strategy.
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