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Barclays Capital acquires Crescent in joint venture with Goff Capital

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Barclays Capital has formed Crescent Real Estate Holdings, a joint venture with Goff Capital, to acquire Crescent Real Estate Equities from Morgan Stanley Real Estate Funding II.

Crescent is a real estate investment company that owns and manages over 17 million square feet of premier office space, as well as investments in resort residential developments, luxury hotels and Canyon Ranch. Terms were not disclosed.

John C. Goff has been appointed chairman and chief executive officer of Crescent. The appointment marks Goff’s return to Crescent, a firm he formerly led as vice chairman and chief executive until its sale to Morgan Stanley in 2007.

“We are pleased to welcome John back to Crescent as a joint owner and chief executive,” says Iain Abrahams (pictured), managing director and member of Barclays Capital executive committee.

“The quality of Crescent’s portfolio is strong and I look forward to partnering with the Crescent and Barclays Capital teams to manage the company through the current cycle and ensure that we are well positioned for the market recovery,” says Goff.

Goff co-founded Crescent Real Estate Equities in the early 1990s. He led the company as vice chairman and chief executive during its IPO in 1994 and until its sale to Morgan Stanley in 2007. In 1998, Goff founded Goff Capital Partners, a private investment firm focused on real estate which currently has more than USD5.0bn in assets under management.

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