Crescent Real Estate Holdings completed a transaction at the end of last month that didn't make many headlines but gave its stake in six Texas office properties to its partner, a unit of JPMorgan Chase & Co., according to a Fox Business News article. The properties are valued at about $2 billion and include The Crescent, a 1,134,826 square foot office and retail complex in Dallas, and Houston Center, a major mixed-use urban real estate development covering four buildings and almost 4.5 million square feet of Class A office space.
Crescent, owned in a joint venture between Barclays Capital and Goff Capital, originally bought into the portfolio in 2009 for an undisclosed sum. Details of the current sale were not disclosed, but it's reported that Crescent will continue to operate the properties for its former JPMorgan partners. The total value of the Texas properties in the deal is approximately $1.85 billion, which means the value of Crescent’s stake was about $444 million according to a Houston Business Journal article.
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