The Fort Worth-based Crescent Real Estate Equities Co., withmore land under negotiation, is only saying that the two blocks,126 and 128, passed to an out-of-state buyer. Sources' best-guessesare Crescent got about $100 per sf for land listed in May throughDavid Cook of Cushman & Wakefield of Texas Inc.'s Houstonoffice.

Given the size and Houston's office market, it's not likely theland's been bought for office development. "Condos make sensethere," one source speculates about the CBD land. "Obviouslysomebody could be buying the land to hold, but that's prettyexpensive land to hold."

The locally based Hanover Property Co. was among those eyeingCrescent's land listings in Houston Center, but dropped a contractfor $144 per sf, as did another vying for block 126. The buyer"came out of the clear blue. No one knows anything about them, butit's patient money," another source confides. "They closed it in aweek or less with little or no due diligence." The blocks are eastand north of the complex's Parks Shoppes.