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HOUSTON-Ending months of speculation, industry experts say Crescent Real Estate Equities Co. is holding a contract for ChevronTexaco Tower and expects to acquire the 51-story skyscraper this week.

Located at 1301 McKinney St. in the CBD, the 1.2-million-sf tower, also known as 3 Houston Center, was marketed for roughly $250 million by David Chuoke and Tim Relyea with Cushman & Wakefield of Texas Inc.’s local office. The Fort Worth-based Crescent, which had first right of refusal for the building, did not return telephone calls seeking comment by publication time.

The REIT owns the surrounding Houston Center office complex, which consists of almost 3.3 million sf of class A office space in 1 Houston Center, 2 Houston Center, 4 Houston Center and 5 Houston Center. ChevronTexaco is connected by a sky bridge to 4 Houston Center and 5 Houston Center.

The tower was built in 1982 for Gulf Oil Co. When Chevron Corp. merged with Gulf Oil in the mid-1980s, the building was renamed Chevron Tower. Three years ago, Chevron merged with Texaco Inc. to set up the San Ramon, CA-based Chevron Texaco Corp. At that time, Chevron consolidated most of its operations into Texaco Heritage Plaza. And, earlier this year, the energy company acquired Enron Corp.’s former headquarters at 1500 Louisiana St., where it plans to consolidate three offices.

ChevronTexaco Tower is now about 65% occupied, according to industry experts. Harris County Appraisal District has levied an $89.9-million assessment against the property.

According to William Forrest, president of locally based Revac Inc., Chevron paid close to $170 million for the tower. He estimates it is worth $175 per sf to $200 per sf, factoring out to $210 million to $240 million.

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