Crescent Real Estate has re-acquired The Crescent, a 1.3 million-square-foot mixed-use development in Uptown Dallas. The company purchased the asset through its GP Invitation Fund II from JP Morgan Asset Management, CommercialEdge data indicates.
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John Goff and Richard Rainwater established Crescent Real Estate Equities in the early 1990s, with a focus of acquiring high-quality properties. Among them was The Crescent, which later became the company’s namesake. The latest acquisition marks the third time the company owns the iconic property, Crescent Chairman John Goff said in prepared remarks.
According to CommercialEdge, JP Morgan Asset Management bought the property in 2004, from Crescent. In 2011, the project was refinanced with a $205 million loan from Metropolitan Life Insurance Co. Later in 2016, the property underwent a $33 million renovation.
Built in 1983, Crescent features more than 1.1 million square feet of Class A office space, 164,696 square feet of retail space anchored by Stanley Korshak, as well as 3500 parking spaces. Designed by architect Philip Johnson and John Burgee, the office space features three connected office buildings surrounded by outdoor green areas. The project also includes a golf simulator, private club, spa, hotel, and coffee shop. Out of 125 tenants at the development, more than 80 are in financial-related businesses.
Located at 100 Crescent Court, on approximately 10 acres, the property is 1 mile from downtown Dallas. Crescent either owns or manages assets in the area, including The Ritz-Carlton, Dallas and the McKinney & Olive office project. The Crescent is also within walking distance of Victory Commons One, a 364,530-square-foot office project scheduled for completion in November.
While the state is still recovering from the February weather crisis, the use of office space in Dallas is bouncing back. According to Kastle Systems, the metro’s office use stood at 34.4 percent on Feb. 24, a roughly 30 percent uptick from the 4.3 percent reported a week earlier.