Houston Medical Office Building to Be Sold Online

25 Sep, 2009, Houston

Cushman & Wakefield today announced that the firm plans to sell 2715 Fannin St., a medical office building in the Midtown submarket of Houston, Texas, through the company's online auction site, www.absauction.com.

The property, located one block from Main Street at the intersection of Dennis Street, is being marketed by Cushman & Wakefield as a sale-leaseback opportunity. The online auction will take place Sept. 29 from 8 a.m. to 3 p.m. Central time.

Cushman & Wakefield launched its online auction site in Texas earlier this year and is now in the process of adding its other U.S. offices to the platform. Since the site went live, Cushman & Wakefield has successfully completed three property sales through Absauction.com. Property sales included the 88-unit Regency Crossing and 288-unit Magnolia Cove in Houston, as well as the 153-unit Oakwood in Lake Jackson. Under contract is the 195-unit Woodside Villas in Irving. All property types have been added to the platform.

Cushman & Wakefield's Online Auction Platform is an innovative bidding platform that allows investors to privately bid on offered properties. The platform allows domestic and foreign investors the ability to participate in bidding on all fee-simple sales, portfolios, note sales and partnership interests, in many types of real estate pooled investments all in real time.

Keith Misner, Executive Managing Director of Cushman & Wakefield's U.S. Capital Markets Group, said, "The combination of Cushman & Wakefield's physical global reach with 230 offices worldwide and this innovative use of technology is a real breakthrough solution we are pleased to offer our clients."

According to Ed Nwokedi, a director in Cushman & Wakefield's Capital Markets Group, who oversaw the rollout of the platform in Texas, "Our Online Auction Platform offers an efficient process with the broadest possible reach and the aim of maximizing value for investors. Our clients and prospects have been very pleased with the platform and in addition to 2715 Fannin St., we are looking forward to bringing the 222-unit Oak Brook Apartments and the 200-unit Streamside Apartments to the market over the next 60 days.

Cushman & Wakefield's marketing-based technology is centered in The Apartment System and is directly integrated with the firm's web site, www.apartments.cushwake.com or directly at www.absauction.com.

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