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Crescent Beefs Up Downtown Interests

HOUSTON-Crescent Real Estate Equities, a major downtown landholder, has added a full city block to its holdings. Development plans for the recent parking lot buy are on the drawing boards.

By Jennifer Brenner Andrade | Updated on January 16, 2001

HOUSTON-Crescent Real Estate Equities already owns 21 acres of property, office buildings and retail space from the George R. Brown Convention Center to the new arena to Enron Field. It recently has added to the portfolio by purchasing a block-size parking lot from Texaco.

“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.”

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