Both buildings were acquired from a partnership between Fort Worth-based Crescent Real Estate Equities Co. and GE Pension Trust of Stamford, CT. On the flip side, the just-sold building at 550 Westlake Park Blvd. represented the partnership's final holding in the Energy Corridor.
A Crescent spokeswoman tells GlobeSt.com that a robust office market helped spur demand for Three Westlake and its 200 Westlake Park Blvd. sister. "This market has been doing very well and the energy sector booming," she says. "We saw the same situation when we sold Four Westlake in September. That sold for $217 per sf. This sold for $210 per sf."
The Crescent spokeswoman says there are no plans to buy more properties in the submarket. "We're always looking at opportunities to purchase assets that are priced well," she says. "Finding them in this market is difficult, though." Crescent still has office properties in the Galleria submarket.
The 1980s-constructed Three Westlake is 99% leased, with no major roll in the near future. The buyer also plans no upgrades to the building, which is occupied mainly by energy industry customers. Tenants include Amoco Production Co., Exxon Mobil Corp., Murphy Oil Corp. and Conoco-Phillips Co.
Richard Rudd with CB Richard Ellis in Houston represented the Crescent-GE partnership. Crescent will continue to lease and manage Three Westlake.
In addition to the Westlake buildings, StratReal's Houston portfolio includes the 92,780-sf Timberway One and 157,897-sf Reserve at Greens Crossing II. Pierre N. Rolin, a StratReal director, couldn't be reached for comment by press time, but has previously told GlobeSt.com that the investment group has $500 million in its Texas pipeline.
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