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Crescent Preps to Build 570,000-SF Office Tower; Lands 170,000-SF Anchor Lease

HOUSTON-It's the "Workplace of the Future," says Crescent, which is developing a 570,000-sf office tower in downtown Houston. The Crescent project's lead tenant is Ernst & Young, who has signed up for 127,000 sf for 10 years.

By Connie Gore | Updated on August 10, 2000

Crescent Real Estate Equities Co. will build a 570,000-sf office tower in downtown Houston, only a few blocks from the new Enron Field professional baseball stadium.

The project will be anchored by Ernst & Young, which has signed a 10-year lease for 127,000 sf. The 27-story tower, to be called Five Houston Center, will be ready for occupancy in the fall 2002. The project will be situated at the corner of McKinney and LaBranch streets – on a full block Crescent recently purchased from a partnership led by PAC Trust. The new tower will be part of Crescent’s Houston Center mixed-use project, which includes 3 million sf of office space, Park Shops retail center and a 400-room Four Seasons hotel.

Houston Center’s office space is 98% leased. Ernst & Young currently is a major tenant in the One Houston Center building. It will vacate that space and move to the new tower. The new building will be loaded with technology capabilities and new features, such as two telecommunications rooms per floor, full wiring for broadband and ready access to excess electrical power.

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