editor Posted December 12, 2006 Share Posted December 12, 2006 Crescent Sells Houston Office Property Gain and Promoted Interest Realized FORT WORTH, Texas--(BUSINESS WIRE)--Dec. 12, 2006--Crescent Real Estate Equities Company (NYSE:CEI) announced today that it has sold Three Westlake Park, a 414,792 square-foot office property in Houston, TX, in which Crescent owned a 20% stake in a joint venture with a pension fund. The office property was sold for $87.3 million, or $210 per square foot. Crescent expects to recognize in net income a gain on the sale of approximately $17 million. Included in this gain is approximately $7 million, which is attributable to Crescent's promoted interest and will be recognized in funds from operations, as adjusted ("FFO, as adjusted") as of December 31, 2006. Quote Link to comment Share on other sites More sharing options...
lockmat Posted December 12, 2006 Share Posted December 12, 2006 Is there an address for this site? Quote Link to comment Share on other sites More sharing options...
sevfiv Posted December 12, 2006 Share Posted December 12, 2006 550 WestLake Park Blvd.Houston, Texas 77079http://www.threewestlakepark.com Quote Link to comment Share on other sites More sharing options...
ChannelTwoNews Posted September 13 Share Posted September 13 https://www.bisnow.com/houston/news/office/energy-corridor-office-high-rise-scheduled-to-be-sold-at-foreclosure-auction-120631 "The foreclosure action isn't the only trouble Westlake Park buildings have encountered in recent years. Three Westlake Park was transferred to special servicing in October 2018 and became real estate-owned in July 2019, Bisnow previously reported. BP had occupied more than 40% of that property, but it vacated in 2015. The building completely emptied out when ConocoPhillips’ lease expired in 2019. Three Westlake sold at a $67.4M loss in early 2022 after sitting vacant throughout most of the pandemic." 1 Quote Link to comment Share on other sites More sharing options...
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