JV buys Houston tower for $65M
Crescent Real Estate Equities Co. has partnered with an affiliate of GE Pension Trust to purchase 5 Post Oak Park, a 28-story, 567,000 sq. ft. office building in Houston. Constructed in 1982, 5 Post Oak Park is 82% leased, and was purchased for $65 million.
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Under the joint venture, GE Pension Trust has a 70% interest in the property and Crescent has a 30% interest. Crescent will provide property management and leasing services for the venture.
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