Crescent buys Chevron Tower

Property comprises more than 1 million square feet

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Crescent Real Estate Equities Co. recently acquired 1301 McKinney, also known as Chevron Tower, in Houston, Texas. The value of the transaction was not disclosed. The 51-story, 1.2 million-square-foot, class A office property is located within the Houston Center complex. Constructed in 1982, the property was 49 percent leased at the time of sale. The seller is a unit of ChevronTexaco, who announced earlier this year the consolidation of its employees to other buildings in Houston. Cushman & Wakefield of Texas Inc. represented the seller in the transaction. Crescent Real Estate Equities Co. (NYSE:CEI) is one of the largest publicly held real estate investment trusts in the nation. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....