Crescent Announces Houston Office Acquisition.Business Editors/Real Estate Writers FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 9, 2003 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 partnered with a fund managed by JPMorgan Fleming Asset Management ("JPMorgan Fleming") in the acquisition of One BriarLake Plaza, a 20-story, 502,000 square foot Class A office building located in the Westchase submarket of Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . Constructed in 2000, One BriarLake Plaza is currently 89% occupied to a predominantly blue chip customer base within a broad industry mix. Under the joint-venture arrangement, JPMorgan Fleming has a 70% interest in the property, while Crescent has a 30% interest and has been retained to provide management and leasing services to the venture. Details about the transaction will be disclosed in Crescent's third quarter 10Q to be filed by November 15, 2003. John C. Goff, Chief Executive Officer, commented, "This transaction marks our eighth office joint venture, for a total of approximately $825 million in value. It is our third office joint venture with JPMorgan Fleming, following the 5 Houston Center development in downtown Houston Downtown Houston is Houston's largest business district. In terms of office square footage, it is the seventh largest in the United States. Downtown Houston contains the headquarters of many prominent companies. and more recently, Miami Center The Miami Center is a skyscraper in downtown Miami, Florida. Although not even close to being one of that city's tallest buildings, it is a symbol of early downtown. Built in 1983, it is older compared with most of the taller buildings in Miami, which have been built in the last in Miami, which was previously wholly-owned by Crescent. Both Crescent and JPMorgan Fleming are firm believers in the long-term growth prospects of the Houston office market. We find One BriarLake Plaza particularly compelling since it was acquired at an attractive discount to replacement cost and within a strong submarket of Houston. We will continue to look for office investment opportunities where we can leverage Crescent's award-winning leasing and management expertise." About the Company 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 partners, Crescent owns and manages a portfolio of 75 premier office buildings totaling over 30 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 and Denver. In addition, the company invests in world-class resorts and spas and upscale residential developments. |
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