Local Buyer Negotiating for Washington Harbour

WASHINGTON, DC-A buyer has been found for the Washington Harbour mixed-use development, according to officials at Crescent Real Estate Equities during a conference call to release first-quarter earnings results. Company officials declined to identify the buyer, citing confidentiality concerns.

The sale, expected to reap the company more than $160 million, is part of the Fort Worth, TX-based real estate firm’s short-term plan to sell off non-core assets, according to company officials. “The buyer is a Washington-based firm with Washington-based capital, and they’re in due diligence now. We think it’s a plus it’s a Washington-based firm,” says Crescent COO and president Denny Alberts. The sale is expected to close in late June or early July.