Morgan Stanley hands Crescent Real Estate back to lender

11/23/2009 | Wall Street Journal, The

Morgan Stanley has cut its losses on its financially catastrophic acquisition of Crescent Real Estate Equities, which it bought for $6.5 billion at the peak of the commercial real estate market. Morgan Stanley conveyed Crescent to a venture owned by the lender, Barclays Capital, and John Goff, the co-founder of the firm that in 2007 sold Crescent to Morgan Stanley.

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