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HOUSTON-Citing a strong market boosted by the energy boom,Crescent Real Estate Equities Co. and GE Pension Trust have sold the 561,065-sf Four Westlake Park for $122 million or $217 per sf. The JV passed the 100%-occupied class A building to a New York City adviser.

A source familiar with the sale tells GlobeSt.com that both partners liked the strength of the Energy Corridor submarket, which is what prompted the sale of 200 Westlake Park Blvd. “When they looked at the energy market, they both agreed it would be an opportune for selling this,” she adds. Richard Rudd with CB Richard Ellis in Houston office brokered the transaction.

The 1992-constructed office building was acquired by the Fort Worth-based REIT in the late 1990s. In 2001, Crescent entered into a joint venture with the Stamford, CT-based GE Pension Trust, retaining a 20% ownership interest in the property. Crescent continued to lease and manage the building during its ownership, but there’s no word if the new owner will keep the team in place. BP Oil Co. occupies 89% of the building, which also is known as BP Plaza.

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