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Developer Crescent Resources files Chapter 11 bankruptcy

Crescent Resources, developer of some of the Tampa Bay area's best known office buildings, filed for Chapter 11 bankruptcy and accepted the resignation of its chief executive.

The Charlotte, N.C., company said Wednesday it will get an injection of $110 million and continue running with minimal interruption. Crescent's showcase property locally is the Corporate Center at International Plaza, which encompasses about 1 million square feet of offices.

Tenants include OSI Restaurant Partners, parent company of Outback Steakhouse; Carlton Fields law firm; and Gerdau Ameristeel, one of the largest bay area companies by revenue.

The company's portfolio also includes land for two other office parks: Hidden River at Fletcher Avenue and Interstate 75 and Crosstown Center in Brandon.

While the office market has been tight in the Tampa Bay area, Crescent's worst troubles stem from its investment in residential real estate concentrated outside of Florida. It has 53,000 acres of land in 41 planned communities and 65,000 acres of raw land in the Carolinas.

In announcing the bankruptcy, the company also said goodbye to chief executive Art Fields, who chose the occasion to retire.

Crescent, a joint venture between Duke Energy and the Morgan Stanley Real Estate Funds, employs 264.

Developer Crescent Resources files Chapter 11 bankruptcy 06/10/09 [Last modified: Wednesday, June 10, 2009 5:00pm]
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