Crescent Real Estate Holdings exits properties to ride the real estate market rebound
Crescent Real Estate Holdings continued to divest itself of real properties it had acquired when the real estate market was at its lowest in 2009. The joint venture company of Barclays Capital unit and Texas-based Goff Capital Partners recently exited its investment in the Hughes Center. Crescent sold the sprawling 1.5 million square feet property to the Blackstone Group for USD 347 million.
John Goff of Goff Capital Partners also served as the Chairman and CEO of Crescent. According to Bloomberg, the firm had been divesting itself of assets it had bought in 2009 to take advantage of the market recovery after the recession.
Crescent also recently sold Greenway Plaza in Houston for USD 1.1 billion in cash. The complex is a 40-story office tower located in downtown Houston. Crescent also owns the Ritz-Carlton hotels and condominiums in Dallas and offices in Denver. It also owns the Canyon Ranch spas in Tucson, Arizona and in Lenox, Massachusetts.