X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT WORTH-Crescent Real Estate Equities Co., working through a series of transactions valued at more than $1.2 billion, has inked the second phase to a 7.9-million-sf trophy sale to JPMorgan Fleming Asset Management. The latest signing turns over 76.15% interest in a pair of Dallas CBD high-rises, valued at $320.5 million.

The closing marks Crescent’s third asset sale in eight days. This time, JPMorgan, acting on behalf of a pension fund, picked up controlling interest to the 1.2-million-sf Fountain Place at 1445 Ross Ave. plus the mortgage and ground lease to the 1.1-million-sf Trammell Crow Center at 2001 Ross Ave.

Crescent retains a 23.85% stake in the trophies and the general partner role in the second phase of the sell-off. The Fort Worth-based REIT also holds firm to leasing and management reins, except for a third-party management contract at Trammell Crow Center. JPMorgan’s second closing, coming just five days after the first, also guarantees a promote for Crescent, based upon long-term performance measures of the two trophies.

But, there’s still one more high-profile sale pending for the REIT. In hushed negotiations, Crescent is finessing the sale of a 16% stake in the Crescent in Dallas, Houston Center and Post Oak Central, also in Houston, representing a combined 5.6 million sf valued at $898.5 million. The deal will reduce Crescent’s ownership to 24% in that part of the trophy collection.

Crescent has more than doubled the size of its joint venture portfolio in a transition to become an asset manager with select pieces of real estate rather than predominately a property owner holding a packet of deeds. In the past eight days, Crescent has bed down the JPMorgan deal, valued at $1.2 billion, and the $192.7-million sale of 20.7% stake in AmeriCold Logistics to the Los Angeles-based Yucaipa Cos., shared by Crescent and Vornado Realty Trust of Paramus, NJ. The final deal, with the unidentified US equity investor, is predicted to close before the calendar flips.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.