X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT WORTH-An affiliate of the General Electric Pension Trust has acquired a 16.2% ownership interest of a joint venture that was created between Crescent Real Estate Equities Co. and JP Morgan in November. The buy-in is worth $144 million.

The joint venture portfolio consists of a total of 5.6 million sf comprised of the Crescent in Dallas; Houston Center; and Post Oak Central in Houston. The partnership is valued at $897 million. JP Morgan has a 60% interest in the venture, while Crescent’s interestin the venture has been reduced to 23.8% from 40% with the GE investment.

As GlobeSt.com reported on Nov. 8, Crescent was in talks with an institutional partner to flip a portion of its interest and hoped to close the deal before year-end. The REIT will act as general partner and will continue to manage and lease the properties formarket-based fees.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2022 ALM Global, LLC. All Rights Reserved.