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HOUSTON-The brisk investment sales market has encouraged Crescent Real Estate Equities LP to put two class A office assets up for sale. Sources believe the 1.28-million-sf Post Oak Central in the Galleria could sell for $215 per sf, while the 502,410-sf One BriarLake Plaza in Westchase could attract about $280 per sf.

Because Crescent owns the assets with different partners, they are being marketed separately, but the combined return could yield about $420 million. The three-building Post Oak Central, situated on 17 acres at 1990 Post Oak Blvd., was built in the early 1980s. It is 91.5% occupied. The 20-story One BriarLake Plaza, situated on 9.4 acres, is 94.7% occupied.

Robert Williamson, senior managing director with Holliday Fenoglio Fowler LP’s Houston office, says both assets offer great upside because in-place rents are far below market.

Williamson says the current investment sales market drove Crescent to put both properties on the market. “Morgan Stanley’s plan was to optimize the Crescent portfolio and take advantage of the markets,” he tells GlobeSt.com. “Houston is a very attractive investment market right now.”

Williamson explains that the high rises present different yet special opportunities in their respective submarkets. One BriarLake Plaza is considered one of Westchase’s trophies. As for Post Oak Central, it has one of the largest contiguous blocks of open space, 80,600 sf, now available in the Galleria submarket. “Post Oak Central will provide a good opportunity for a buyer to come in and put its signature on that complex,” Williamson says.

Williamson says the hope is to have final offers by early July, with closings shortly after that. While the assets aren’t being marketed as a portfolio, he says no one would say “no” to a single seller. “If someone wants to buy both buildings,” he adds, “that’s fine.”

The HFF team marketing Post Oak Central consists of senior managing directors Jeffrey Hollinden and H. Dan Miller and associate director Barbara Guffey, all in Houston, and Glenn Whitemore, a senior managing director in New York City. One BriarLake’s team is made up of Williamson, Hollinden, Whitmore, Guffey and Scott Galloway, executive managing director in Houston.

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