Morgan Stanley announced it plans to buy Crescent Real Estate Equities for $6.5 billion including debt.  Crescent is a real estate investment trust that owns 70 office buildings in major U.S. cities such as Dallas, Miami, and Las Vegas. It also invests in residential and hotel properties, primarily in the Southwest.

This is just the latest move by Morgan Stanley in its aggressive push into real estate investments, according to the Wall Street Journal. The bank now manages $55.6 billion in real estate assets in addition to $27 billion in public real estate securities. Last year, it named its former head of real estate investments as the president of its investment management unit, which is a sign of its growing importance within the firm.

The price for this acquisition is 12 percent higher than Crescent's prior 30-day average share price, according to the Associated Press. Based in Fort Worth, Crescent was founded by noted financier Richard Rainwater, who owns 14.5 percent of its outstanding shares.