The final price for the class A building at 2000 W. Sam Houston Pkwy. couldn't be obtained by deadline. The eight-year-old building, situated on nine acres in the Westchase submarket, is 93% occupied. Crescent, now part of Morgan Stanley, acquired the building in October 2003 in a partnership with JPMorgan Fleming Asset Management for $75 million.
"We found this outstanding property to be an attractive investment due to construction and amenities of the highest standards, a location with exceptional access and strong creditworthy tenancy," Thomas F. August, COO of Dallas-based Behringer Harvard REIT I Inc., says in a press release. Tenants include Citigroup Inc., Nexen Petroleum USA Inc, Mariner Energy Inc, Datavox Inc. and Microsoft Corp. The new owner also added that the building did sustain damage to windows and landscaping as Hurricane Ike passed through the region. The buy brings the REIT's portfolio to 74 properties totaling 25.6 million sf in 23 states and the District of Columbia.
Holliday Fenoglio Fowler LP senior managing directors Robert Williamson and Jeffrey Hollinden, associate director Barbara Guffey and executive managing director Scott Galloway, all in the Houston office, has been marketing the portfolio for Crescent. Also on the marketing roster was Glenn Whitemore, HFF senior managing director in New York City. They also are chasing buyers for Crescent's 1.28-million-sf Post Oak Central at 1990 Post Oak Blvd in the Galleria submarket.
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