Morgan Stanley (MS) announced on Friday that it will turn over ownership of Cresent Real Estate Equities to lending giant Barclay's Capital.

The portfolio of real estate holdings includes more than 17 million square feet of office towers, resorts and hotels along with a $2 billion loan given by Barclays. That debt must be paid on or before November 20, after being extended several times since its original due date on August 3.

Barclays formed the joint venture with Goff Capital to take over the properties, and gave co-founder John Goff the role of CEO.