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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, Houston's first planned mixed-use development, has been secured for Crescent Real Estate Equities Company 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 Advisors Inc. ($120 million), PPM America, Inc. ($60 million), American General Realty Advisors ($50 million) and Massachusetts Mutual Life Insurance Company ($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 (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, U.S. Home Building, and the Four Seasons Hotel, and has holdings in The Woodlands, Falcon Point and Spring Lakes.

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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Publication:Business Wire
Geographic Code:1USA
Date:Jul 2, 1999
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