Crescent Completes Second Phase of Trophy Office Joint Ventures.FORT WORTH, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. -- Crescent Real Estate Equities Company Crescent Real Estate Equities Co. (NYSE: CEI) is a Fort Worth, Texas-based real estate investor with holdings mainly in office and hotel properties, including several landmark buildings in the southern United States. (NYSE NYSE See: New York Stock Exchange :CEI CEI Competitive Enterprise Institute CEI Conferenza Episcopale Italiana (Italian bishop conference) CEI Central European Initiative CEI Comitato Elettrotecnico Italiano (Italian Electrotechnical Committee) ) today announced the funding of the second phase of its office joint venture transactions announced on November 8, 2004. A pension fund investor advised by JPMorgan Fleming Asset Management acquired a 76.15% interest in two of Crescent's Dallas trophy office properties, while Crescent holds the remaining 23.85% interest. Totaling 2.3 million square feet, this second joint venture is comprised of Fountain Place Fountain Place, located at 1445 Ross Avenue in the Arts District of downtown Dallas, Texas is a 62-story modern-styled skyscraper. Standing at a structural height of 720 feet (219 m) , as well as the ground lease and mortgage for Trammell Crow Center Trammell Crow Center is a 50-story postmodern skyscraper located at 2001 Ross Avenue in the Arts District of downtown Dallas, Texas (USA).[2] The building stands at a height of 686 feet (209 m) . Today's transaction follows the closing of the first phase announced on November 16, 2004. The valuation for both joint ventures, encompassing 7.9 million square feet, totals $1.2 billion. Crescent serves as General Partner of the joint ventures and continues to manage and lease the properties for market-based fees, with the exception of third-party managed Trammell Crow Center. In addition, Crescent will receive promoted interests based upon certain long-term performance measures of the properties. ABOUT THE COMPANY Celebrating its tenth year, Crescent Real Estate Equities Company (NYSE:CEI) is one of the largest publicly held real estate investment trusts in the nation. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of more than 70 premier office buildings totaling more than 29 million square feet primarily located in the Southwestern United States, with major concentrations in Dallas, Houston, Austin, Denver, Miami and Las Vegas. In addition, Crescent has investments in world-class resorts and spas and upscale residential developments. For more information, visit the Company's website at http://www.crescent.com. |
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