"It was pretty much a non-decision considering that we own the heart of the tenderloin in that area," Alan Friedman, Crescent's president of development, told GlobeSt.com. The property is bordered by Rusk, Walker, Caroline and San Jacinto streets.

Crescent is seriously considering future development options for the property, but nothing is concrete at this point. A company source told GlobeSt.com that Crescent would end up with the best parking ratios in the downtown, given plans to add 1,500 spots to its 6,700 parking spaces. This is an all-out effort aimed at convenience for Crescent's customers. "Adding this block allows us to expand on our master plan for that area," says Friedman, "and to continue to offer our customers a greater convenience factor than they could find anywhere else."

Crescent Real Estate Equities owns and manages a diversified portfolio consisting of class-A office properties, luxury resorts and spas, and residential developments. Crescent is currently in the process of constructing 5 Houston Center, a 577,000-sf building. HKS Architects and Beck Construction are handling the project slated for completed in third quarter 2002. 5 Houston Center is over 50% leased, with tenants such as Ernst & Young, Jackson Walker, Cap-Gemini and Aquila Energy.