
What do all these Houston office towers have in common?
- The Fulbright Tower,
- 1 Houston Center,
- 2 Houston Center,
- 4 Houston Center,
- Post Oak Central One,
- Post Oak Central Three,
- Post Oak Central Two,
- One Greenway Plaza,
- Two Greenway Plaza
- Three Greenway Plaza,
- Four Greenway Plaza,
- Five Greenway Plaza,
- Eight Greenway Plaza,
- Nine Greenway Plaza,
- Eleven Greenway Plaza, and
- Twelve Greenway Plaza
That’s right — they’re all part of the vast Crescent Real Estate Equities empire, which at the peak of the market 2 years ago comprised 54 properties in all, stretching from Texas to the California coast. That’s when Morgan Stanley snatched up the whole thing for a mere $6.5 billion, thanks in part to a little $2 billion loan from Barclays Capital.
Today, Morgan Stanley announced it is giving up on the whole thing. Back to the bank all those properties go. All of them. (Okay, minus a few that were jettisoned along the way.)






Comment of the Day: The Age of Appreciation
“[In] my humble observances, I have noticed that the new construction only maintains plateau value or loses it while the older homes in the area gain. Sure, many homes may be sold for lot value, but if you buy a 60 year old home vs a 5-10 year old home, the difference is relative. (See low-end River Oaks, West U, Bellaire, Heights, Braeswood, etc). In the Heights, the kept-up bungalows outpace the new-builds (on a square-footage basis) by far. They also sell in a few days (with many offers) vs months.” [justguessin, commenting on Swamplot Price Adjuster: $2 Million Plus In Town]