Now under construction, the 27-story, class-A structure, the first multi-tenant office building to be erected here in 15 years, will deliver in fall 2002. JPMorgan Fleming is part of Morgan Chase & Co. and manages $608 billion in global assets for investors such as corporations, governments, institutions, endowments, foundations and individuals. In this case, an unnamed pension fund advised by JP Morgan Fleming will own 75% interest in the project. Crescent will retain 25% ownership and will handle development, leasing and management on the property for fees in addition to its earning from the 25% interest. A Crescent source tells GlobeSt.com the project is valued at $120 million. The source further confirms that Crescent is entertaining other possible joint venture projects since fits in with its strategic plans.

Denny Alberts, Crescent president and COO, says, "This joint venture arrangement reflects Crescent's commitment to furthering organic growth through selectively joint-venturing office development in our demand driven markets." Crescent currently has two joint ventures in Dallas with TrizecHahn in the Bank One Center and Trammell Crow in the Trammell Crow Center.

According to Alberts, JPMorgan Fleming has been chosen for the joint venture because, "they share our belief that the Houston CBD market and specifically, the Houston Center complex, is well positioned for a development like this one."