Crescent Real Estate Equities Completes Acquisition of Houston Office Building.FORT WORTH, Texas--(BUSINESS WIRE)--Feb. 18, 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 completed its previously announced acquisition of Post Oak Central, an approximate 1.3 million square foot class A office complex in the West Loop/Galleria 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. of Houston. The purchase increases Crescent's ownership of Houston office space to approximately 10 million square feet. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Cushman & Wakefield, the Houston office market absorbed approximately 8 million square feet of space in 1997, ending the year with a class A occupancy and rental rate of 95% and $18.03, respectively. Class A rental rates have increased 20% from a year ago. As of December 31, 1997, the West Loop/Galleria submarket had a class A office occupancy of 95% and a market rental rate of $17.68 per square foot. 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. 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 84 office properties and 7 retail properties totaling 31 million square feet, an approximate 40% interest in 79 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, 90 behavioral healthcare facilities, 6 hotel/casino properties, 7 full-service hotel properties 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 or refer to Crescent's web page at www.cei-crescent.com. CONTACT: Crescent Real Estate Equities Company, Fort Worth Dallas E. Lucas, 817/878-0426 Internet: www.cei-crescent.com |
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