POST OAK SALE COLLAPSE

A deal to sell the Post Oak Central office complex is off.
Owners Crescent Real Estate Equities LLC, JP Morgan and General Electric Co. had a contract to sell the three buildings to Los Angeles-based CB Richard Ellis Investors, an affiliate of CB Richard Ellis Group Inc. with $43.7 billion in assets under management. But the buyer is not going through with the deal, sources say.
CBRE Investors was expected to pay about $240 million, or $185 per square foot, for the properties.
Located in the Galleria area, Post Oak Central consists of buildings at 1980, 1990 and 2000 Post Oak Blvd. The complex has just under 1.3 million square feet of office space that is about 92 percent leased.
CBRE Investors was one of nearly a dozen groups that bid on Post Oak Central, according to Holliday Fenoglio Fowler LP, which is marketing the buildings. For more information see www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net or www.edayres.com