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Crescent, JPMorgan Fleming Team for 5 Houston Center

HOUSTON-Crescent Real Estate Equities has sealed a 75%-25% joint venture pact with JPMorgan Fleming Asset Management, on behalf of an unidentified pension fund. With Crescent's 25% interest, it also gets management and leasing duties for 5 Houston Center.

By Jennifer Brenner Andrade | Updated on June 05, 2001

HOUSTON-Crescent Real Estate Equities of Ft. Worth and JPMorgan Fleming Asset Management, based in New York City, are partnering on the 3.1 million-sf 5 Houston Center. This is the first of the Houston Center Complex buildings for which Crescent has taken a joint venture partner.

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.

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