Crescent sold 80% of the office property to General Electric Pension Trust for about $47 million in 2002. Crescent handled managing and leasing for the 1983-constructed building, located at 550 Westlake Park Blvd. in the area's Energy Corridor submarket.
The 19-story asset features a typical floor plate of 22,000 rentable sf, with the top two executive floors connected by a circular staircase, according to the property's website. The property is located within a 50-acre, mixed-use master planned class A office development with 24-hour security. The site also features three parking spaces per 1,000 rentable sf in a seven-level parking garage.
According to a prepared statement announcing the transaction, Crescent expects to realize a gain on the sale of approximately $17 million. Included in the gain is $7 million, attributable to the company's promoted interest and recognized in funds from operations as of Dec. 31. The class A office building's buyer and additional details of the sale were not available by press time.
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