GlobeSt.com EXCLUSIVE: Crescent Building Under Contract

DALLAS-A Houston buyer, with a hard focus on Dallas/Fort Worth, has placed a contract for its first North Texas office building, offering $9 million plus for the 145,886-sf Addison Tower in the far north Dallas submarket. With capital for a quick close, the buyer intends to shop the market until it amasses 500,000 sf to one million sf.

But, Griffin Partners’ first order of the day is to tuck away the deed to the Crescent Real Estate Equities Co. asset at 16415 Addison Road, a nine-floor, class B building with a 70% occupancy being marketed by Trammell Crow Co.’s Dallas investment sales team. If all goes smoothly, the closing will take place in a month.

Meanwhile, the Fort Worth-based Crescent is about two weeks out from the closing date of the 33,799-sf, seven-story 5050 Quorum at $68 per sf. Sources say Behringer Harvard Funds of Dallas is going to make the close even though it has the option to extend if it lays down some extra earnest money.