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MESA, AZ-With its $6.5-billion buy-out hanging overhead, Crescent Real Estate Equities Co. has sold Financial Plaza in the Southeast Valley to a national real estate fund for $57.7 million. The 309,983-sf class A office building was the Fort Worth-based REIT’s only holding in the metro area.

A Crescent spokesman won’t reveal the buyer of the 1201 S. Alma School Rd. asset, which includes a 16-story office tower, two-story adjacent restaurant building and five-level parking garage. Market sources were unavailable due to the holiday.

The Crescent spokesman, though, says Financial Plaza was a non-strategic asset for the company. He tells GlobeSt.com that occupancy as of March 31 was 77.4%. During Crescent’s tenure, Financial Plaza “no significant renovations, outside of tenant improvements,” the spokesman adds.

Crescent acquired the asset in January 2006 from Denver-based AmeriVest Properties Inc. for $55 million, with the intent to hold the asset and lock in new rates. Since then, Crescent has altered courses several times, now poised to go private when it sells to New York City-based Morgan Stanley Real Estate.

According to a release describing the transaction, Crescent will record a $6.3-million gain from the sale in the third quarter. The 21-year-old building’s tenants include First Metropolitan Mortgage, Accountemps, American Express Financial Advisors Inc., Synopsis Inc., Tela-Link and a host of professional services firms including accountants and lawyers. Chris Toci, executive director with Cushman & Wakefield of Arizona Inc.’s Phoenix office represented Crescent in the transaction.

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