Crescent Real Estate Equities Announces Acquisition of Miami Office Property.FORT WORTH, Texas--(BUSINESS WIRE)--May 5, 1998--Crescent Real Estate Equities Company (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) ), one of the country's largest real estate investment trusts, today announced that it has acquired Datran Center, a 472,000 square foot class A office complex located in suburban Miami in the South Dade/Kendall submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. . The property was purchased for $70.6 million. Datran Center was built in 1986/1988 and is connected to the Miami Dadeland Marriott Hotel. As of December 31, 1997, the property was 91% occupied and had an in-place weighted-average rental rate of $20.29 per square foot, which is approximately 70% of estimated replacement cost rental rates, and a weighted-average remaining lease term of 6.9 years. The property has a full-service marketed rental rate of $23.00 per square foot. As of December 31, 1997, the South Dade/Kendall submarket had a class A office occupancy of 93%. With this acquisition Crescent crescent, emblematic representation of the quarter moon. The crescent and star, ancient Byzantine symbols that became the emblems of Constantinople, were also assumed as the standard of the Ottoman Turks. increases its ownership of class A office space in the Miami metropolitan area to 13%. Crescent is a fully integrated real estate company which, upon completion of certain pending transactions, will own through its subsidiaries a portfolio of real estate assets, consisting of 88 office properties and 7 retail properties totaling 32 million square feet, a 38% interest in 89 refrigerated re·frig·er·ate tr.v. re·frig·er·at·ed, re·frig·er·at·ing, re·frig·er·ates 1. To cool or chill (a substance). 2. To preserve (food) by chilling. warehouse facilities, 89 behavioral behavioral pertaining to behavior. behavioral disorders see vice. behavioral seizure see psychomotor seizure. healthcare facilities, 6 hotel/casino properties, 7 full-service hotels totaling 2,276 rooms, 2 destination health and fitness resorts, and economic interests in 5 residential development corporations. The office and retail properties are located primarily in 21 metropolitan submarkets in Texas and Colorado. For further information, please contact Dallas E. Lucas, Chief Financial Officer, 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. at 817/878-0426. Crescent is also online at www.cei-crescent.com. CONTACT: Crescent Real Estate Equities Company, Fort Worth Dallas E. Lucas, 817/878-0426 http://www.cei-crescent.com |
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