Walton Terminates $625M Deal With Crescent

FORT WORTH-In a late Friday afternoon filing with the SEC, Crescent Real Estate Equities Co. has sounded the death knell for a $625-million deal with Walton TCC Hotel Investors V LLC . The Chicago-based investment group has terminated the agreement, asking for its $11 million of earnest money back.

Last Tuesday, a Crescent spokesman declined to comment on the deal’s status to GlobeSt.com. According to the SEC filing, the deal was pulled the day before, the last day for Walton to pull out and get its earnest money back. Ironically, the tentative buyer had rolled in the 16-story, 343,664-sf Austin Centre at 701 Brazos St. in the state capital’s CBD to the deal just one week earlier, adding $75.5 million to the offer.