Search
 

502,000-SF One BriarLake Plaza Fetches About $75M

HOUSTON-In a 70-30 split, JPMorgan Fleming and Crescent Real Estate Equities acquire One BriarLake Plaza from New York-based Tishman Speyer Properties. The Westchase property was 89% occupied at closing with no near-term rollover on the leases.

By Jennifer Brenner Andrade | Updated on October 13, 2003

HOUSTON-Crescent Real Estate Equities Co. and JPMorgan Fleming Asset Management have purchased the 502,000-sf One BriarLake Plaza in West Houston from Tishman Speyer Properties in a deal that real estate sources say brought close to $75 million.

The New York City-based Tishman Speyer developed the class A office building at 2000 W. Sam Houston Parkway in the in 1999. JPMorgan Fleming will own 70% of the 89%-leased building and the Crescent gets the balance along with the leasing and management contracts.

“This transaction marks our eighth office joint venture for a total of approximately $825 million in value,” says John Goff, Crescent’s CEO. “It is our third office joint venture with JPMorgan Fleming, following the 5 Houston Center development in Downtown Houston and more recently Miami Center in Miami, which was previously wholly owned by Crescent.” Goff, terming both buyers as long term “believers” in the local office market, says BriarLake Plaza was “particularly compelling” because it was acquired at a discount to replacement costs and sits in one of the city’s strongest submarkets, Westchase. As with Crescent’s other JV acquisitions, the buyer isn’t discussing the selling price.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.