HOUSTON-Crescent Five Post Oak Park LP, a joint venture between Crescent Real Estate Equities Ltd. and General Electric Pension Trust, is putting its 567,396-sf Five Post Oak Park on the trading block. The class A office tower and 1,673-space parking garage is assessed at $66.4 million by Harris Central Appraisal District.

The 1980s-era building, located at 4400 Post Oak Pkwy. in the Galleria, is 91.4% occupied, with its lead tenant Amegy Bank on board for 10 years. “The Galleria is strong right now and rents have gone a ways up,” says Jeffrey Hollinden, managing director with Holliday Fenoglio Fowler LP’s Houston office.

The investment sales broker tells GlobeSt.com that the asset’s current net rents are up to 50% below market, much like other trophy assets in the submarket. Additional value-add is embedded in two vacant floors in the 28-story building, which is free and clear of debt.

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