"For the past decade, downtown Houston has been evolving into an active, invigorating center, full of options for enjoying everything from sports venues, restaurants, nightlife, and hotels, to a variety of residential choices," says Jane Page, senior vice president of asset management and leasing for Crescent's Houston region. Page fervently believes the new office tower will add to the downtown's momentum.
What Page isn't saying is that 5 Houston Center is part of 3.3 million sf entering the soft downtown market. While the amount of space given back by the Enron bankruptcy has yet to be determined, many experts are worried about the time it will take to absorb the office space. At last count, 5 Houston Center was about 75% pre-leased, with Ernst & Young as the lead tenant in a 10-year lease for 118,000 sf. Even if the gleaming state-of-the-art design of 5 Houston Center convinces enough tenants to move, Crescent still owns another 3.3 million sf of older space in the Houston Center complex it has to worry about maintaining.
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