Under the joint-venture arrangement, JPMorgan Fleming acquired a 60% interest in the property; Crescent retains a 40% ownership. Crescent will manage and lease the property for an undisclosed fee.
Proceeds to Crescent, a publicly traded real estate investment trust, including financing, totaled about $111 million or $142.30 per sf, one of the highest per-sf-prices paid for a partial ownership of a trophy office building in South Florida, area brokers tell GlobeSt.com.
The New York office of Jones Lang LaSalle arranged the sale and the $81 million mortgage for JPMorgan through Goldman Sachs of New York.
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