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.
This is the second Miami office property in Crescent's portfolio and the second joint venture with JPMorgan Fleming. The first was for 5 Houston Center. In that deal, JPMorgan Fleming represented a pension fund.
Crescent CEO John C. Goff says in a prepared statement the newest property in its joint-venture strategy gives its partner "stable cash flow from a high-quality asset."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
