Crescent Real Estate Equities Co. Obtains $280 Million Financing Package for Greenway Plaza.HOUSTON--(BUSINESS WIRE)--July 2, 1999-- A $280 million financing package for Greenway Plaza Greenway Plaza is a master-planned mixed-use development off of U.S. Highway 59 in Houston, Texas, five miles (8 kilometers) west of Downtown Houston and three miles (5 kilometers) east of Uptown Houston. , Houston's first planned mixed-use development Mixed-use development refers to the practice of allowing more than one type of use in a building or set of buildings. In planning zone terms, this can mean some combination of residential, commercial, industrial, office, institutional, or other land uses. , has been secured for 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. by the Houston office of Holliday Fenoglio Fowler, L.P. Crescent Real Estate Equities Co. purchased 10 office buildings totaling 4.3 million square feet, the 389-room Houston Renaissance Hotel, the Houston City Club building and seven parking garages at Greenway Plaza in 1996. Begun in 1967, the 127-acre Greenway Plaza is now home to approximately 12,000 office workers for such companies as Coastal Corporation, AIM, Sonat, Prudential and AT&T. Scott Galloway of Holliday Fenoglio Fowler's Houston office arranged financing through AEGON USA Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Advisors Inc. ($120 million), PPM America, Inc. ($60 million), American General Realty Advisors ($50 million) and Massachusetts Mutual Life Insurance Company MassMutual Financial Group is the fleet name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliates, with more than 13 million clients and over $455 billion in assets under management at year-end 2006. ($50 million). "This transaction says a lot about Crescent and the people who manage and lease this world-class development," Mr. Galloway said. "Crescent deserves all the credit for their foresight and perfect timing." Crescent's holdings at Greenway Plaza encompass 60 acres, including these 10 office buildings totaling 4.3 million square feet: One Greenway Plaza (212,232 SF); Two Greenway Plaza (212,232 SF); Three Greenway Plaza (510,588 SF); Four Greenway Plaza (229,797 SF); Five Greenway Plaza (879,244 SF); 3800 Buffalo Speedway Speedway, town (1990 pop. 13,092), Marion co., central Ind., just W of Indianapolis; inc. 1926. The Indianapolis Speedway, site of the annual Indianapolis 500 car race, is located there. There is also light manufacturing. (148,622); Eight Greenway Plaza (262,246 SF); Nine Greenway Plaza (735,367 SF); Eleven Greenway Plaza (734,415 SF); and Twelve Greenway Plaza (262,246 SF). In addition, Crescent owns 98,917 SF of Greenway Plaza's underground retail properties. Since its inception in 1994, Crescent has purchased more than $1 billion of real estate assets in the Houston market, making the company one of the city's largest property owners. Crescent also owns Houston Center, Post Oak Central, Three Westlake Park Westlake Park can mean:
Holliday Fenoglio Fowler, L.P. is the country's largest intermediary of capital to the commercial real estate industry. In 1998, the national mortgage banking firm's debt, structured finance and investment sales transactions totaled more than $10 billion. |
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