editor Posted December 12, 2006 Share Posted December 12, 2006 Crescent Sells Houston Office PropertyGain and Promoted Interest RealizedFORT 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...
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