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Exchange Building Trades for $177 Per SF

SEATTLE-Publicly traded Crescent Real Estate Equities of Fort Worth pays $52.5 million for the historic 23-story, 295,525-sf class A Downtown office property here that is 90% leased. The property last traded in 1998 for $25.5 million.

By Brian K. Miller | Updated on February 08, 2005

SEATTLE-Publicly traded Crescent Real Estate Equities Co. of Fort Worth has paid $52.5 million for the Exchange Building, a 23-story, 295,525-sf class A Downtown office property that is 90% leased. The seller, Walton Exchange Investors II, acquired the building in 1998 for $25.5 million and renovated it shortly thereafter.Crescent owns and manages a portfolio of about 30 million sf of office space in 75 buildings located primarily in the Southwestern US. “Now we’re moving up the West Coast,” a Crescent IR person tells GlobeSt.com. The Exchange Building acquisition marks the company’s entrance into the local market.”Not only is Seattle a thriving market with increasing business confidence, this particular asset is interesting to us because we believe we can enhance its value by integrating it into our west coast management platform,” says Crescent chief executive John Goff in a prepared statement. “The Seattle market shares similar characteristics with our other markets in that it ranks favorably in terms of expected future employment growth.”Lisa Stewart of Urbis Partners LLC retains the leasing assignment for the Exchange Building. Stewart tells GlobeSt.com there are currently two full floors directly vacant in the building and one floor available on a sublease basis. The direct vacancies are floors 10 and 13. The ninth floor is the sublease floor. The building has 15,300-sf floor plates (leaseable). Annualized full-service asking rates are $23 to $25 per sf.Crescent was a net seller in 2004. In November, it sold a majority interest in 7.9 million sf, retaining about 24% ownership in the properties as well as the fee-based property management and leasing assignments. All told, about 44% of Crescent’s portfolio is now owned in joint ventures with the likes of JP Morgan Asset Management and GE Asset Management.

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