Crescent Acquires Atlanta Office Property; Purchase of One Live Oak Marks Crescent's Entry into Atlanta Market.FORT WORTH, TEXAS Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. -- Crescent Real Estate Equities Company Crescent Real Estate Equities Co. (NYSE: CEI) is a Fort Worth, Texas-based real estate investor with holdings mainly in office and hotel properties, including several landmark buildings in the southern United States. (NYSE NYSE See: New York Stock Exchange :CEI CEI Competitive Enterprise Institute CEI Conferenza Episcopale Italiana (Italian bishop conference) CEI Central European Initiative CEI Comitato Elettrotecnico Italiano (Italian Electrotechnical Committee) ) today announced it has acquired One Live Oak, a 10-story, 201,488 square-foot Class A office property located in the Buckhead submarket of Atlanta. Constructed in 1981, One Live Oak is currently 70% leased. Crescent acquired the property for approximately $31 million, or $154 per square foot. John C. Goff, Vice Chairman and Chief Executive Officer, commented, "As you know, we are working to reinvest capital that was generated from recent strategic transactions. The purchase of One Live Oak marks our entry into the Atlanta market and is the result of diligent efforts to find core investments that offer long-term growth potential. Atlanta is attractive because it is one of the strongest growth markets in the country, with a very compelling office market recovery expected over the next several years. We will continue to look for accretive office investment opportunities where we can leverage Crescent's award-winning leasing and management expertise." ABOUT THE COMPANY Celebrating its tenth year, Crescent Real Estate Equities Company (NYSE: CEI) is one of the largest publicly held real estate investment trusts in the nation. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of more than 70 premier office buildings totaling more than 29 million square feet primarily located in the Southwestern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , with major concentrations in Dallas, Houston, Austin, Denver, Miami and Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . In addition, Crescent has investments in world-class resorts and spas and upscale residential developments. For more information, visit the Company's website at http://www.crescent.com. |
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