Crescent Real Estate Equities Co., based in Fort Worth, will continue to own 20% of the building and manage and lease it. Crescent, one of the biggest real estate investment trusts in Texas says it will take in $120 million, including financing, from that deal, and a similar one for a 560,000-sf office property in Houston. Crescent had been marketing the buildings for a joint venture as part of an effort to dispose of non-strategic and non-core assets.
The Bank One Tower is a 22-story, 390,000-sf building at 221 W. Sixth St. and one of the tallest in downtown Austin. It was renovated between 1994 and1996 to take it up to class A standards. The changes included replacing gold exterior glass for a pale blue.
Crescent bought the building in 1996. Its other Austin properties are 301 Congress, the Austin Centre, the Avallon, Barton Oaks Plaza One and Frost Bank Plaza. General Electric Pension Trust is based in Fairfield, CT and GE's retirement fund.
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