Crescent Announces Miami Office Acquisition.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--Aug. 27, 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 acquired BayView Colonnade colonnade (kŏlənād`), a row of columns usually supporting a roof. Colonnades were popular with the Greeks and Romans, who employed them in the stoa and the portico; they have continued to be used throughout the Middle Ages, the L.L.C. and, as a result, The BAC BAC abbr. blood alcohol concentration Colonnade Office Tower ("The Colonnade") will transfer to Crescent's portfolio. The Colonnade, an 11-story, 210,000 square-foot Class A tower, is located in the Coral Gables submarket of Miami, Florida. Constructed in 1989, the property is currently 95% occupied and was acquired by Crescent for $51.4 million. Denny Alberts, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , commented, "The Colonnade is known as one of the most prominent corporate addresses in the Miami area. We are pleased to add an asset of this quality to our existing portfolio, which includes Miami Center and Datran Center, in one of our key targeted investment markets. 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 74 premier office buildings totaling nearly 29.7 million square feet primarily located in the Southwestern United States, 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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