|
|
|
PRESS RELEASES
Crescent and Hines Announce Joint Office Development in Irvine,
California
6/13/2005
(IRVINE, CA) – Crescent Real Estate Equities Company (NYSE: CEI) and Hines announced today the joint acquisition of a land parcel in Irvine, California, with the intention of developing a Class A office property of approximately 260,000 square feet. The land parcel is located in the John Wayne Airport submarket, a top performing submarket in one of the nation’s leading metro markets for growth. Tom Miller, Crescent’s Managing Director, Investments, led the joint acquisition for Crescent, while Senior Vice President Doug Holte led the joint acquisition for Hines.
John C. Goff, Crescent’s Vice Chairman and Chief Executive Officer, commented, “We have been extremely focused on expanding our portfolio in southern California where Class A office space is in high demand. The Orange County market, in particular, is considered the best market in the western United States, and this land parcel is considered one of the optimal development sites for Class A office space in that market. Office development in high growth areas is consistent with the strategy we communicated earlier this year, and we will continue to work to expand our investment in the southern California market.
“We chose to partner with Hines because of the firm’s track record of developing high quality assets in top performing markets and its consistent success in adding value through property management.”
An 18-year Hines veteran, Senior Vice President Doug Holte will be relocating to Irvine to spearhead this and other investment and development projects in Orange and San Diego Counties. Holte said, “With major offices in L.A., San Francisco and their suburbs, the decision to move into Orange County has been on our radar for a while. We feel the market is poised for a sophisticated project in this location. Our southern California team is excited to lead the project development and marketing with Crescent as our partner.”
Groundbreaking for the office development is expected to occur in first quarter 2006.
ABOUT CRESCENT
Crescent Real Estate Equities Company (NYSE: CEI) is a real estate investment trust headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of more than 75 premier office buildings totaling more than 30 million square feet located in select markets across the United States, with major concentrations in Dallas, Houston, Austin, Denver, Miami and Las Vegas. Crescent also makes strategic investments in resort residential development as well as resorts, including Canyon Ranch®. For more information, visit Crescent’s website at http://www.crescent.com.
ABOUT HINES
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects completed, underway, acquired and managed for third parties includes more than 700 properties representing over 244 million square feet of office, mixed-use, industrial, hotel, medical, sports facilities and residential properties, as well as large, master-planned communities and land developments. With offices in 63 U.S. cities and 12 foreign countries, and controlled assets valued at approximately $11 billion, Hines is one of the largest real estate organizations in the world. Access www.hines.com for more information.
|
|
|