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FORT WORTH-As planned, Crescent Real Estate Equities Co. and JPMorgan Fleming Asset Management have closed the first leg to a $1.2-billion deal for a 60% partnership stake in a 7.9-million-sf trophy collection. The first closing, totaling 5.6 million sf and costing $898.5 million, includes the REIT’s most prized possession, the Crescent in Uptown.

The Fort Worth-based Crescent is turning over majority interest to its top office buildings in Dallas and Houston in two phases. If the plan stays on track, the second closing is due to be stamped this week. The landmark agreement for the prized collection keeps Crescent in the driver’s seat to lease and manage the package.

The first closing rolled controlling interest in the 3.3-million-sf Houston Center at 1221 McKinney St. and the 1.3-million-sf Post Oak Central at 2000 Post Oak Blvd., also in Houston, along with the 1.3-million-sf Crescent at 200 Crescent Court in Dallas.

The New York City buyer’s second takedown, totaling $320.5 million, will turn over reins to 1.1-million-sf Trammell Crow Center at 2001 Ross Ave. and 1.2-million-sf Fountain Place at 1445 Ross Ave., both in the Dallas CBD. Meanwhile, Crescent is locked in talks with a third stakeholder for a 16% share of its remaining 40% hold on the Dallas CBD pair.

When the JPMorgan deals are inked, Crescent’s projected take is $316 million in net cash proceeds, resulting in a $211 million gain. The deal also calls for Crescent to receive a promote based on long-term performance measures of the trophy properties.

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