JPMorgan Pays Crescent $111M for Miami Center JV

MIAMI-Crescent Real Estate Equities Co. of Fort Worth, TX has partnered with a fund managed by New York-based JPMorgan Fleming Asset Management for the 780,000-sf class A Miami Center office building in Downtown Miami.

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.