Morgan Stanley doesn't own 100% of the entire Crescent portfolio, however. The Morning News article says Crescent sold a 60% stake in the Crescent complex, located in Dallas' Uptown submarket, to a subsidiary of JPMorgan Chase & Co. Meanwhile, JPMorgan Chase bought 76% of the CBD's Trammell Crow Center and Fountain Place. The real estate loan is due Nov. 2.
Morgan Stanley bought Crescent Equities in August 2007. The Dallas Morning News article notes that the company has already had to write down millions of dollars in value on the Crescent properties.
Read more about the situation here.
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