Crescent Announces 6 Houston Center, Market briefs

In Houston, Crescent Real Estate Holdings LLC has laid out plans to develop 6 Houston Center on the east side of downtown Houston.

Fort Worth-based Crescent said no general contractor has been selected, but it anticipates breaking ground by “mid-summer 2014.”

The proposed 30-story, 600,000-square-foot project was designed by HKS Architects. If the project proceeds as planned, 6 Houston Center will face Rusk Street, and be located on Block 95, bounded by Rusk, Caroline, Walker and San Jacinto streets.

The downtown Houston office market is tight. The Houston CBD vacancy rate is 9.2 percent in overall and 7.5 percent in Class A, as stated by the CBRE, the largest commercial real estate firm in Houston.

Hines, which has developed a number of towers in downtown, has started work on a 1 million-square-foot tower at the corner of Main and Texas Avenue. The Hines project is spec.

Crescent is led by John C. Goff, chairman and chief executive officer. Goff co-founded Crescent Real Estate Equities with Richard Rainwater in the early 1990s, took it public in 1994, sold in 2007 to Morgan Stanley, and reacquired the company with Barclays Capital in 2009.