HOUSTON-JP Morgan Asset Management has purchased 24% ownership stake of Crescent Real Estate Holdings LLC in a Texas office portfolio totaling 9.1 million square feet for an undisclosed price. The company owns the remaining 76% ownership stake in the portfolio. The properties are Houston Center, Post Oak Central and Fulbright Tower in Houston.
The properties are valued at roughly $1.85 billion. Thus, the value of Crescent Real Estate's stake in the portfolio was $444 million. For the full story, go to Houston Business Journal .
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