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December 3, 2009

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Hughes Center deal advances

Thursday, Jan. 8, 2004 | 11:02 a.m.

Crescent Real Estate Equities said Tuesday that it completed part of a property swap with The Rouse Co.

Crescent, of Fort Worth, Texas, announced in November that it had agreed with The Rouse Co. to buy Rouse's Hughes Center office park in midtown Las Vegas, along with land and restaurant sites as part of a deal for Rouse to acquire a 52.5 percent interest in The Woodlands, a planned community north of Houston.

Rouse is the parent company of Las Vegas-based Howard Hughes Corp., developer of the Summerlin planned community and the Fashion Show mall on the Las Vegas Strip.

On Dec. 31, Rouse acquired Crescent's 52.5 percent interest in The Woodlands for $202 million in cash and $185 million in debt.

On Dec. 31, Crescent acquired from Rouse two office properties and two leased restaurant parcels within the Hughes Center. By the end of the first quarter, Crescent is scheduled to acquire from Rouse the remaining six office properties and seven leased restaurant parcels within the Hughes Center.

The total price of the Hughes Center is $223 million, $126 million in cash and $97 million in assumed debt.

Crescent has also agreed to acquire, by March 2004, the undeveloped land within Hughes Center from Rouse for an additional $10 million.

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