A source familiar with the sale tells GlobeSt.com that bothpartners liked the strength of the Energy Corridor submarket, whichis what prompted the sale of 200 Westlake Park Blvd. "When theylooked at the energy market, they both agreed it would be anopportune for selling this," she adds. Richard Rudd with CB RichardEllis in Houston office brokered the transaction.
The 1992-constructed office building was acquired by the FortWorth-based REIT in the late 1990s. In 2001, Crescent entered intoa joint venture with the Stamford, CT-based GE Pension Trust,retaining a 20% ownership interest in the property. Crescentcontinued to lease and manage the building during its ownership,but there's no word if the new owner will keep the team in place.BP Oil Co. occupies 89% of the building, which also is known as BPPlaza.
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