The 10 properties of the joint venture, Crescent Brookdale Associates, are Satellite Place 300, 400 and 600 and Corporate Center One at Deerfield in Atlanta; Corporate Center One at International Plaza and Hidden River One, Two and Three in Tampa; and One and Two Resource Square in Orlando. The properties are 90% leased.

Brookdale and Crescent didn't disclose terms of their deal or estimate the value of the 1.6 million-sf portfolio in a prepared statement. But area brokers familiar with the suburban office markets tell GlobeSt.com on condition of anonymity the 10 properties are worth at least $240 million, based on their estimated hard construction cost alone.

In the Southeast, Crescent has developed a total 12 million sf of office, industrial and retail product over the past 30 years. The company is owned by Charlotte-based Duke Energy.

The seven-year-old Brookdale Group is invested in 48 office buildings in 25 submarkets in the Mid-Atlantic, Southeast and Southwest. Brookdale Investors Four has an aggregate investment investment capacity of $600 million. The fund is looking for acquisitions and portfolio recapitalizations of high-quality suburban office properties.

"Brookdale's significant financial commitment to this new venture is consistent with our firm's current investment program of aligning ourselves with skilled real estate operators like Crescent Resources in the recapitalization and joint ownership of portfolios of high-quality suburban office properties," Brookdale president Fred Henritze says in the statement.

The joint venture "allows Crescent to retain a meaningful ownership interest in these developed properties while at the same time raising a significant sum of capital which can be redeployed to advance our corporate and real estate objectives," Henry Lomax Jr., Crescent's vice president/director of finance for commercial development, says in the statement.