Morgan Stanley Handing Back 1.2M Square Feet of SF Assets
December 9, 2009
As we indicated last month, Morgan Stanley is handing back the keys on billions of dollars worth (former worth, that is) of Class A San Francisco property. The properties are going back to the mezzanine lender, AREA Property Partners. The question now is what is AREA going to do with the assets considering that they [...]
Read More >>Crescent Down, San Francisco EOP Assets To Go
November 20, 2009
In the news today is Morgan Stanley’s handing back of the keys on the Crescent Real Estate nightmare they acquired two years ago. The nightmare wasn’t that they were bad assets, the nightmare was the price paid for the portfolio and the subsequent fall in the market.
We were out in front of the Crescent deal. [...]
Morgan Stanley to Take Hit on Crescent
October 14, 2009
Morgan Stanley was one of the most aggressive investors during this last boom cycle. Their activities included the acquisition of the EOP San Francisco portfolio for some $2.5B, and the August 2007 purchase of Crescent Real Estate Equities for $6.5B (if you include the debt), and other smaller deals such as providing the debt on [...]
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