Barclays Capital Acquires Crescent in Joint Venture with Goff Capital

2009-11-20 16:52:03 -

Barclays Capital today announced that it has formed Crescent Real Estate Holdings LLC , a joint venture with Goff Capital, Inc., to acquire Crescent Real Estate Equities Limited Partnership (“Crescent”) 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.

The firm also announced the appointment of John C. Goff as Chairman and Chief Executive Officer of Crescent. The appointment marks Mr. Goff’s return to Crescent, a firm he formerly led as Vice Chairman & CEO until its sale to Morgan Stanley in 2007.

“We are pleased to welcome John back to Crescent as a joint owner and chief executive,” said Iain Abrahams, Managing Director, member of Barclays Capital Executive Committee.

“Given his extensive knowledge of the Crescent portfolio, John is well suited to manage the company going forward,” said Haejin Baek, Managing Director, Head of Commercial Real Estate Capital Markets at Barclays Capital.

“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,” said Mr. Goff.

Mr. Goff's reputation as one of the leading commercial real estate investors in the industry has been established over a career that spans more than 20 years. Mr. Goff co-founded Crescent Real Estate Equities in the early 1990s. He led the company as Vice Chairman & CEO during its IPO in 1994 and until its sale to Morgan Stanley in 2007. In 1998, Mr.
Goff founded Goff Capital Partners, L.P., a private investment firm focused on real estate which currently has more than $5.0 billion in assets under management.



About Crescent

Crescent Real Estate Equities Limited Partnership is headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 36 premier office buildings totaling over 17 million square feet located in select markets across the United States with major concentrations in Dallas, Houston, Denver and Las Vegas. Crescent also holds investments in resort residential developments in locations such as Scottsdale, Vail Valley, and Lake Tahoe; luxury hotels; and the wellness lifestyle leader, Canyon Ranch®.



About Barclays Capital

Barclays Capital is the investment banking division of Barclays Bank PLC. With a distinctive business model, Barclays Capital provides large corporate, government and institutional clients with a comprehensive set of solutions to their strategic advisory, financing and risk management needs. Barclays Capital has offices around the world, employs over 20,000 people and has the global reach, advisory services and distribution power to meet the needs of issuers and investors worldwide.

For further information about Barclays Capital, please visit our website: www.barclayscapital.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .



Barclays CapitalBrandon Ashcraft, 212-412-7549 brandon.ashcraft@barclayscapital.com : mailto:brandon.ashcraft@barclayscapital.com