The JV buy-in has been structured in two takedowns with JPMorganand a third with an unidentified institutional partner for 16% ofCrescent's remaining 40% in part of the package. When the dustsettles, Crescent will have generated $316 million in net cashproceeds and earned a gain of $211 million. Overall, the REIT willhold onto a combined 76% stake and remain in place to lease andmanage all assets. Crescent also will receive promoted interestsbased upon long-term performance measures.

Crescent intends to flip 16% of its 40% remaining balance in theCrescent, Houston Center and Post Oak Central, a 5.6-million-sfpackage valued at $898.5 million. All the REIT will say at thisstage is it's in talks with another institutional partner for theminority split.

Meanwhile, Crescent and JPMorgan remain at the bargaining tableover another 2.3 million sf--Trammell Crow Center and FountainPlace. Talks have reached the final stage for a 76% interest inassets valued at $320.5 million. Crescent's plan is to remain a 24%stakeholder in the CBD properties in Dallas.