HOUSTON-Crescent Real Estate Equities Co. has closed on its acquisition of 1301 McKinney St., also known as ChevronTexaco Tower, a 51-story, 1.2 million-sf skyscraper on the edge of the CBD. The REIT says the tower has been identified as a possible joint venture candidate in the near future.

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

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

“Our Houston Center complex–before the addition of 1301 McKinney–is in the mid-90% leased today. So we are excited to have the opportunity to offer more space to our customers and prospective customers under the Crescent brand,” Jane Page, Crescent’s managing director of leasing and asset management, tells GlobeSt.com.

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