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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.

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  • The title was changed to Three Westlake Park
  • 1 year later...


"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."

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