Crescent Announces the Sale of The Avallon and 816 Congress 
FORT WORTH, TX (REIT Media) July 10, 2007 - Crescent Real Estate Equities Company (NYSE:CEI) today announced the sale of The Avallon, a 318,217 square-foot Class A office complex located in Northwest Austin, and 816 Congress, a 433,024 square-foot Class A office property located in downtown Austin. Crescent will record a gain on these sales in the 3rd quarter of approximately $82.5 million.
ABOUT THE COMPANY
Crescent Real Estate Equities Company is a real estate investment trust headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 63 premier office buildings totaling 26 million square feet located in select markets across the United States with major concentrations in Dallas, Houston, Denver, Miami, and Las Vegas. Crescent also holds investments in resort residential developments in locations such as Scottsdale, AZ, Vail Valley, CO, and Lake Tahoe, CA; and in the wellness lifestyle leader, Canyon Ranch®. For more information, visit Crescent's Web site at www.crescent.com.
Source: Crescent Real Estate Equities Company
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Jul.10.2007. 18:13
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