"We are pleased to welcome John back to Crescent as a joint owner and chief executive," says Iain Abrahams, managing director, member of Barclays Capital Executive committee in a prepared statement. "Given his extensive knowledge of the Crescent portfolio, John is well-suited to manage the company going forward," adds Haejin Baek, managing director, head of commercial real estate capital markets at Barclays Capital, in the same statement. Representatives were not available at this time for comment.
The sale comes a little more than two years after Morgan Stanley paid $6.5 billion to acquire Crescent Real Estate Equities from Goff--who headed Crescent at the time as its vice chairman and CEO--and partner Richard Rainwater. However, Morgan Stanley, like other institutions investing in real estate during the mid-2000s, ran into problems with debt repayment following the financial meltdown in fall 2008. The company's struggles to pay the $2 billion debt due on Nov. 2 were well-documented in the Dallas-Fort Worth media in October.
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