"pure play officeREIT,"

In today's earnings call, Crescent president and COO Dennis H.Alberts also disclosed the REIT's intention to sell its stake inthe 217-room Ritz-Carlton condo hotel in Dallas' Uptown. "I see usexiting that asset at some point in time. It will not be along-term asset for us," he told shareholders and analysts. The70-condo project, with 68 units already sold, will be completed inAugust, a new neighbor for the REIT's trophy Crescent. The expectedgain is pushing $22 million. And it's a safe bet that the REIT'sstake in the project's 96-unit second phasewill go as well.

GlobeSt.com has confirmed that the Schenectady, NY-basedTrimarchi Management is negotiating to buy 3.1 million sf ofCrescent's 5.6-million-sf office portfolio in Dallas. If thewould-be buyer follows his normal course, it could play out asjoint venture with Fortis Property Group of New York City. Thefiscal powerhouse already owns two CBD high rises andJPMorganInternational Plaza in North Dallas.