The joint venture portfolio consists of a total of 5.6 million sf comprised of the Crescent in Dallas; Houston Center; and Post Oak Central in Houston. The partnership is valued at $897 million. JP Morgan has a 60% interest in the venture, while Crescent's interestin the venture has been reduced to 23.8% from 40% with the GE investment.
As GlobeSt.com reported on Nov. 8, Crescent was in talks with an institutional partner to flip a portion of its interest and hoped to close the deal before year-end. The REIT will act as general partner and will continue to manage and lease the properties formarket-based fees.
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