DALLAS-Marking its second sale in a week, Crescent Real Estate Equities Co. has closed a 133,799-sf, class A sale of an office building under contract since early April.

As planned, the Dallas-based Behringer Harvard Funds Friday pocketed the deed to 5050 Quorum. The asset sold for $68 per sf, the top offer in a “best and final” round for a 46%-empty office building in the Quorum/Bent Tree submarket of Dallas.

“There were no issues and no re-trades,” John Alvarado, senior vice president of investment sales for Dallas-based Trammell Crow Co., tells GlobeSt.com. The buyer had built-in a couple automatic extensions with additional earnest money when the original contract was placed. “They performed perfectly well and did everything they were supposed to do,” he stresses. He adds the buyer was caught up simultaneously working four transactions and needed the extra time to close.

The Fort Worth-based Crescent has sold the third office property this year in its homeport and second in a week in the submarket. The 146,000-sf Addison Tower, a class A property with vacancy upside, passed to Griffin Partners of Houston, a first-time buyer in North Texas. In a press release today, Crescent says the double sales generated net proceeds of about $18 million. The funds were applied to the REIT’s revolving credit facility. For previous story, click here.

Unlike its other sales, Crescent stays at the helm to manage and lease 5050 Quorum. The class A office space is being marketed at $16 per sf to $16.50 per sf.

Alvarado represented Crescent in both sales. Behringer Harvard had Brad Behringer and Terry Kennon handling negotiations. The acquisition was financed from the Behringer Harvard Short-Term Opportunity Fund I LP.

Crescent, though, isn’t done selling in Dallas. It has declined comment on published reports it’s looking for joint venture partners for three Dallas trophies: Fountain Place, Trammell Crow Center and the Crescent. Crescent’s vice chairman and CEO John Goff repeatedly has said he’s positioning the company to be a manager via JV partnerships in larger holdings and pruning the portfolio of all class B and select class A office assets. Activity this year has brought sales in Denver, Houston and Dallas and acquisitions in Las Vegas and California.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.