Boca Raton, FL. – January 6, 2011 – Crocker Partners and Five Mile Capital Partners announced today they have acquired the 1.2 million-square foot Lakes on Post Oak office complex in the Galleria submarket of Houston, Texas.

The acquisition of the Class A office complex, which is 89 percent leased, is a joint venture between the two parties.   It marks Crocker Partners’ re-entry into the Texas market and  Five Mile Capital Partners’ first major acquisition in the Houston market. Crocker’s predecessor entity, CRT Properties, Inc.,  owned 2.1 million square feet of office space including Lakes on Post Oak before selling CRT Properties in 2005.

The property is ideally located at the south end of the Galleria submarket providing superior access to the three major highways that serve the area, US 59, the 610 West Loop and the Westpark Tollway.  The property is also conveniently located adjacent to The Galleria Shopping Center, Houston’s premier shopping destination, comprised of more than 375 stores and restaurants.  “We are excited to be back in the Houston market with this property, and we hope to expand our presence in Texas,” said Thomas J. Crocker, Managing Partner.  “After remaining on the sidelines for the past three years, we are again pursuing selective acquisitions throughout the Southeast, Texas and metro Washington, D.C.,” Crocker said.

Crocker Partners is known for its highly disciplined approach to investing. After a significant increase in commercial real estate values, Crocker sold a 137‑building portfolio of office buildings located throughout the Southeast and Texas for $1.8 billion. In 2007, the principals raised a private equity fund that targets value-add office investments throughout the southeastern United States. Other than a few off-market transactions, however, the company has held tight for improved market conditions.

Five Mile Capital Partners has recently been involved in several loan-to-own recapitalizations, distressed property acquisitions and corporate restructurings.  Most recently Five Mile Capital Partners acquired the  John Hancock Tower in Boston  by foreclosing on a mezzanine position at approximately 50% of the original acquisition cost  with their joint venture partner Normandy Partners.  In December 2010 Five Mile  sold the asset to Boston Properties for $930 million, after increasing the occupancy from 78% to 96% over an  18 month period.

This is not the first time that Five Mile Capital Partners and Crocker Partners have acquired real estate assets together.  In November 2007, they  formed a joint venture that acquired two subordinate debt instruments collateralized by office properties in Atlanta.

The principals of Boca Raton-based Crocker Partners have owned and managed more than 29 million square feet, developed over 2 million square feet of Class A office space, and invested over $2 billion in southeast and Texas including major markets such as Atlanta, Dallas, Houston, South Florida and suburban Washington, D.C.

Five Mile Capital Partners LLC is a privately-held alternative investment and asset management company established in 2003 and based in Stamford, Connecticut. The firm specializes in investment opportunities in real estate, debt products, structured finance, asset-based lending and financial services private equity. Recently Five Mile Capital Partners has executed transactions involving distressed and non performing first mortgage, mezzanine loans, equity and high yield structured products. Five Mile Capital Partners’ principals have significant experience, knowledge and skills relevant to the financial services industry and believe the cyclical and dynamic nature of the sector continually provides a broad opportunity for investments across the capital structure. Five Mile Capital Partners currently manages in excess of $2.3 billion of capital.

For more information, visit CP Group – formerly Crocker Partners; www.fivemilecapital.com