The joint venture portfolio consists of a total of 5.6 millionsf comprised of the Crescent in Dallas; Houston Center; and PostOak Central in Houston. The partnership is valued at $897 million.JP Morgan has a 60% interest in the venture, while Crescent'sinterestin the venture has been reduced to 23.8% from 40% with theGE investment.
As GlobeSt.com reported on Nov. 8, Crescent was in talks with aninstitutional partner to flip a portion of its interest and hopedto close the deal before year-end. The REIT will act as generalpartner and will continue to manage and lease the propertiesformarket-based fees.
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