Because Crescent owns the assets with different partners, theyare being marketed separately, but the combined return could yieldabout $420 million. The three-building Post Oak Central, situatedon 17 acres at 1990 Post Oak Blvd., was built in the early 1980s.It is 91.5% occupied. The 20-story One BriarLake Plaza, situated on9.4 acres, is 94.7% occupied.

Robert Williamson, senior managing director with HollidayFenoglio Fowler LP's Houston office, says both assets offer greatupside because in-place rents are far below market.

Williamson says the current investment sales market droveCrescent to put both properties on the market. "Morgan Stanley'splan was to optimize the Crescent portfolio and take advantage ofthe markets," he tells GlobeSt.com. "Houston is a very attractiveinvestment market right now."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.