The Fort Worth-based REIT did not disclose the price of thebuilding, which is 49% leased, but sources close to the REIT say itpaid close to $100 million for the asset, far below the replacementvalue of the property. The seller is a unit of San Ramon, CA-basedChevronTexaco Corp. For previous story, click here.

Crescent acquired the 22-year-old tower by exercising its rightof first refusal on the property. The REIT now has full control ofthe five-building Houston Center, including leasing and managementof the 4.5 million sf of class A office space. Tim Relyea, DavidChuoke and Jim Bailey with Cushman & Wakefield of Texas Inc.represented the seller in the transaction.

"Our Houston Center complex--before the addition of 1301McKinney--is in the mid-90% leased today. So we are excited to havethe opportunity to offer more space to our customers andprospective customers under the Crescent brand," Jane Page,Crescent's managing director of leasing and asset management, tellsGlobeSt.com.