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GlobeSt.com UPDATE: GE Pension Buys 16% of Crescent & JP Morgan JV

FORT WORTH-Crescent Real Estate Equities Co. sells 16.2% of its stake in its joint venture with JP Morgan to an affiliate of the General Electric Pension Trust for $144 million.

By Jennifer D. Duell | Updated on December 29, 2004

FORT WORTH-An affiliate of the General Electric Pension Trust has acquired a 16.2% ownership interest of a joint venture that was created between Crescent Real Estate Equities Co. and JP Morgan in November. The buy-in is worth $144 million.

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.

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