Fort Worth-based Crescent Real Estate LLC on March 23 announced it has re-acquired The Crescent office and mixed-use development property in Dallas’ uptown.
Crescent Real Estate purchased the property through its GP Invitation Fund II, a Crescent-managed investment vehicle used to acquire, develop, and operate all real estate classes alongside institutional investors and high net worth clients.
John Goff and Richard Rainwater partnered to establish Crescent Real Estate Equities in the early 1990s when they saw an opportunity to build a real estate portfolio during the market downturn. The two began accumulating high-quality properties in growing markets, including The Crescent®, which eventually became the company’s namesake.
“Today is a milestone day in the history of Crescent,” Crescent Chairman John Goff said. “I chose the Crescent name for our company because I loved the asset -its quality, timeless architecture and iconic nature. I couldn’t think of a better representation of what we wanted Crescent to be. To acquire it – now for the third time – is exciting for me personally and the entire Crescent team.”
“This investment is a unique opportunity to add a truly special asset at 2401 Cedar Springs in Uptown Dallas to our Fund portfolio. We are incredibly bullish on Dallas and Uptown and The Crescent is perfectly positioned to continue to lead the market in the years ahead,” said Jason Anderson, Co-CEO of Crescent.
Crescent has been actively involved in the ownership, leasing or management of The Crescent for 30 years, this making the third time Crescent has owned the 1.3 million square foot office and mixed-use development. No price for the transaction was released.
This acquisition deepens Crescent’s commitment to the Uptown Dallas market. Crescent and related entities either own or manage Hotel Crescent Court, Ritz-Carlton Dallas, the recently renovated 2401 Cedar Springs office building and the award-winning McKinney & Olive office project. On Monday, JLL announced it would consolidate its Dallas operations in Crescent’s 2401 Cedar Springs in Uptown Dallas development as the anchor tenant.
The Crescent is home to 125 tenants and includes extensive amenities including restaurants, golf simulator, private club, award winning spa, hotel and coffee shop. In 2016, The Crescent completed a $33 million renovation that touched every exterior edge of the mixed-use development, removing barriers and making it more pedestrian-friendly to attract Uptown’s ever-growing day and evening population to its dining and retail outlets. The $33 million investment follows nearly $15 million spent enhancing the development with infrastructure improvements including dual feed power that increased energy reliability and efficiency.
Crescent also owns Hotel Crescent Court, a 226-room luxury hotel located on the 11-acre grounds of The Crescent®. In 2018, a $30 million renovation was completed to transform the lobby, spa & Crescent Club. Consolidated ownership of both assets provides the opportunity to optimize operations of the overall complex and creates revenue and cost-saving synergies that are unique to Crescent ownership.
Designed by Pritzker Prize-winning architect Philip Johnson and John Burgee, The Crescent’s office space features three connected office towers surrounded by outdoor green spaces, significant mix-use retail, twelve casual and fine dining options as well as the luxury Hotel Crescent Court and Spa. Some of The Crescent dining amenities include restaurants, such as The Capital Grille, Sixty Vines, Moxie’s Grill & Bar, Ascension, East Hampton, Shake Shack, Nobu and The Crescent Club.
Crescent recently announced a new major hotel and office project in Fort Worth’s Cultural District.