FORT WORTH-Crescent Real Estate Equities Co. has inked a $420-million agreement to sell its rights in three million sf of Dallas office buildings to Equastone Acquisitions LLC. According to an SEC filing, Equastone has laid $3.5 million on the line in earnest money.

The caveat is Equastone has until July 12 before the earnest money become non-refundable and an additional $6.5 million is required. A closing is eyed for the third quarter. The San Diego-based Equastone is picking up a play that was rumored to be under contract to Schenectady, NY-based Trimarchi Management. Crescent has been noticeably silent as it advances to the Morgan Stanley fold, a $6.5-billion move to go private, so comment on the deal isn’t too likely.

According to the SEC filing, Equastone is buying 180,503-sf Palisades Central I and an adjacent land parcel at 2425 N. Central Expressway plus the 240,935-sf Palisades Central II at 2435 N. Central Expressway, both in Richardson. In the Las Colinas-Irving submarket, the deal covers the 446,031-sf 125 E. John Carpenter Fwy. and 298,161-sf MacArthur Center I and II at 5601 N. MacArthur Blvd. The Dallas properties are the 215,016-sf Addison at 14951 N. Dallas Pkwy.; 319,758-sf Aberdeen at 14841 N. Dallas Pkwy.; 146,704-sf Greenway I and I-A at complex at 2150 and 2100 Lakeside Blvd. in Richardson and the 154,329-sf sister, Greenway II at 2400 Lakeside Blvd.; 233,543-sf 3333 Lee Parkway in Dallas’ Uptown; 634,381-sf Stemmons Place at 2777 Stemmons Fwy.; 274,684-sf Stanford Corporate Centre at 14001 N. Dallas Pkwy.; and the North Dallas Athletic Club at 13701 N. Dallas Pkwy.

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