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Pillsbury Advises Crescent Real Estate Equities Company in $6.5 Billion Sale to Morgan Stanley Real Estate
22-May-2007
Washington, DC: National law firm Pillsbury Winthrop Shaw Pittman acted as counsel to Crescent Real Estate Equities Company in the negotiation of an agreement to sell Crescent to Morgan Stanley Real Estate for $6.5 billion. The transaction was announced on May 22, 2007.
Crescent (NYSE: CEI) is a real estate investment trust headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 70 premier office buildings totaling 27 million square feet located in select markets across the United States as well as investments in resort residential developments; in destination resorts such as Fairmont Sonoma Mission Inn® in Sonoma, CA; and in Canyon Ranch®. Pillsbury acted as counsel to Crescent in its initial public offering in 1993 and has served as its corporate and securities counsel since that time.
“We have greatly valued our long association with Crescent, one of the country’s premier real estate investment trusts,” said partner Bob Robbins, head of Pillsbury’s Corporate and Securities practice, who led the Crescent team together with corporate and securities partner Bill Horton. “We are proud to have assisted Crescent in this transaction, which was unanimously supported by Crescent’s Board of Trust Managers.”
The other lawyers on Pillsbury’s Crescent team for this transaction include tax partners Bill Burke, Brian Blum, Eileen Brownell and Jim Chudy, executive compensation and benefits partners Kurt Lawson and Howard Clemons, corporate and securities partners and counsel Kimberly Mann, John McDonald and Robin Jones, litigation and securities regulatory partners Rich Rosenfeld, Alvin Dunn and David Cynamon, and associates Bob Logan, Kimberly Drake, Kimberly Miller, Jason Balitzer, and Michael Purdy, all based in Pillsbury’s Washington, DC and New York offices.
The transaction is expected to close at the end of the third quarter of 2007, subject to shareholder approval and the satisfaction of customary closing conditions for transactions of this type.
Pillsbury’s Corporate and Securities practice, which includes approximately 225 lawyers, represents clients in domestic and international securities transactions, public and private investment funds, mergers and acquisitions, business and asset dispositions, recapitalizations and other corporate and commercial transactions.
About Pillsbury Winthrop Shaw Pittman
Pillsbury Winthrop Shaw Pittman is a national full-service law firm with market-leading strengths in the financial services, energy, technology and real estate sectors.
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