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HOUSTON-Crescent Five Post Oak Park LP, a joint venture between Crescent Real Estate Equities Ltd. and General Electric Pension Trust, is putting its 567,396-sf Five Post Oak Park on the trading block. The class A office tower and 1,673-space parking garage is assessed at $66.4 million by Harris Central Appraisal District.

The 1980s-era building, located at 4400 Post Oak Pkwy. in the Galleria, is 91.4% occupied, with its lead tenant Amegy Bank on board for 10 years. “The Galleria is strong right now and rents have gone a ways up,” says Jeffrey Hollinden, managing director with Holliday Fenoglio Fowler LP’s Houston office.

The investment sales broker tells GlobeSt.com that the asset’s current net rents are up to 50% below market, much like other trophy assets in the submarket. Additional value-add is embedded in two vacant floors in the 28-story building, which is free and clear of debt.

Hollinden says Five Post Oak Park, which sits on 3.6 acres, is liable to attract interest from institutional investors because of Houston’s continuing strong fundamentals. “A lot of national and international investors are looking at Houston now and are especially looking at trophy buildings like this one,” he says. In recent months, other class A buildings have fetched $225 per sf to $250 per sf.

The HFF team includes managing director Robert Williamson, executive managing director Scott Galloway and associate director Barbara Guffey. Hollinden says the team is sending out feelers about the listing, but it will officially hit the market in a week to 10 days. The call for offers will be four to six weeks later. If all goes according to plan, Hollinden says Five Post Oak Park will have a buyer by the second quarter.

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