Crescent Acquires Seattle Office Property; Purchase of The Exchange Building Marks Crescent's Entrance into Seattle 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 The Exchange Building, a 23-story, 295,525 square-foot Class A office property located in downtown Seattle Downtown is the central business district of Seattle, Washington. It is fairly compact compared to other city centers on the West Coast because of its geographical situation: hemmed in on the north and east by hills, on the west by Elliott Bay, and on the south by reclaimed land . Constructed in 1929, the historic Seattle Historic Seattle is a Seattle, Washington non-profit organization focused on preserving Seattle's architectural heritage.[1] They issue a monthly online magazine, Preservation Seattle[2] and are involved in advocacy and education. landmark was intended to house the Seattle Stock Exchange but was adapted for office use after the stock market crashed the same year. During 1999 through 2001, The Exchange Building underwent an extensive restoration, while many of its historical elements were preserved. At 90% leased today, it is the home to a diversified industry mix of office customers. Crescent acquired the property for approximately $52.5 million, or $177 per square foot. John C. Goff, Vice Chairman and Chief Executive Officer, stated, "This acquisition marks the entrance into another new market for Crescent. Not only is Seattle a thriving market with increasing business confidence, this particular asset is interesting to us because we believe we can enhance its value by integrating it into our west coast management platform. The Seattle market shares similar characteristics with our other markets in that it ranks favorably in terms of expected future employment growth." 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 75 premier office buildings totaling more than 30 million square feet primarily located in the Southwestern United States, with major concentrations in Dallas, Houston, Austin, Denver, Miami and Las Vegas. 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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