A source familiar with the sale tells GlobeSt.com that both partners liked the strength of the Energy Corridor submarket, which is what prompted the sale of 200 Westlake Park Blvd. "When they looked at the energy market, they both agreed it would be an opportune for selling this," she adds. Richard Rudd with CB Richard Ellis in Houston office brokered the transaction.
The 1992-constructed office building was acquired by the Fort Worth-based REIT in the late 1990s. In 2001, Crescent entered into a joint venture with the Stamford, CT-based GE Pension Trust, retaining a 20% ownership interest in the property. Crescent continued 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 BP Plaza.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
