HOUSTON-The brisk investment sales market has encouraged Crescent Real Estate Equities LP to put two class A office assets up for sale. Sources believe the 1.28-million-sf Post Oak Central in the Galleria could sell for $215 per sf, while the 502,410-sf One BriarLake Plaza in Westchase could attract about $280 per sf.

Because Crescent owns the assets with different partners, they are being marketed separately, but the combined return could yield about $420 million. The three-building Post Oak Central, situated on 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 on 9.4 acres, is 94.7% occupied.

Robert Williamson, senior managing director with Holliday Fenoglio Fowler LP’s Houston office, says both assets offer great upside because in-place rents are far below market.

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