4/22/2008

Crescent Real Estate sells Spectrum Center

by

Spectrum Center

Crescent Real Estate Equities, LP has sold the Spectrum Center in the Dallas suburb of Addison, Texas to Granite Properties.

Andrew Levy, Todd Savage, Elizabeth Malone and Kelsey Roop of Holliday Fenoglio Fowler brokered the deal on behalf of Crescent Real Estate.

Terms of the deal were not released, but Dallas appraisal records list an assessed value for the building at $60 million.

The two 12-story buildings are currently 91 percent occupied to tenants such as Concentra Managed Care, Wachovia Bank, UBS and North America, Inc. Built in 1983, the buildings are located at 5080 Spectrum Drive. Built in 1983, they contain a total of 598,250 square feet and are located at 5080 Spectrum Drive.

Addison is located approximately 16 miles north of Dallas and has a population of roughly 15,000.

Address: 5080 Spectrum Drive, Addison, Texas

Size: 598,250 square feet

Built: 1983

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Filed Under: Office

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