Under the terms of the joint venture, Crescent will have 30%interest in 5 Post Oak Park in the Galleria submarket while GE getsthe lion's share. The 28-story, 567,000-sf building is 82%occupied. Crescent, along with the ownership share, will bemanaging and leasing the property for a fee. Southwest Bank is thelead tenant with 150,000 sf.

"What makes 5 Post Oak particularly attractive is theopportunity to acquire an extraordinarily high quality asset at asignificant discount to replacement costs," Crescent's presidentand COO Dennis Alberts said in a press release. The Harris CountyAppraisal District has levied a $60-million assessment on the15-acre holding.

Keira B. Moody, Crescent's vice president of investor relations,tells GlobeSt.com that there are no major capital improvementsplanned for the new buy, which is the joint venture's fourth officeacquisition. The duo also owns Three and Four Westlake in Houstonand Bank One Tower in Austin.