European Group Wins Crescent's Nod With Surprise Offer

HOUSTON-A European investment group has raced past several would-be buyers of 2.5 acres of developable green space in the 3.3-million-sf Houston Center. Sources say the land sold without due diligence and crossed the finish line within a week’s time.

The Fort Worth-based Crescent Real Estate Equities Co., with more land under negotiation, is only saying that the two blocks, 126 and 128, passed to an out-of-state buyer. Sources’ best-guesses are Crescent got about $100 per sf for land listed in May through David Cook of Cushman & Wakefield of Texas Inc.’s Houston office.

Given the size and Houston’s office market, it’s not likely the land’s been bought for office development. “Condos make sense there,” one source speculates about the CBD land. “Obviously somebody could be buying the land to hold, but that’s pretty expensive land to hold.”