Crescent Real Estate Holdings LLC began as Crescent Real Estate Equities and was founded by John Goff and Richard Rainwater, both investors who saw a unique opportunity to build a real estate portfolio during a real estate downturn. The two began negotiating and accumulating properties in Dallas and Denver, including The Crescent®, an office/retail complex in downtown Dallas that eventually became the company’s namesake.
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May 4, 1994, with a portfolio totaling 3.2 million square feet, Crescent joined the New York Stock Exchange as a REIT with one of the largest IPOs in REIT history: $550 million. Starting with 11 employees and four properties in its portfolio, Goff led Crescent as vice chairman and CEO and set up headquarters in Fort Worth, Texas.
In 2001, Crescent launched its joint venture strategy, partnering with large institutions to acquire, develop and operate premier office properties throughout the U.S. In the following years, we continued to add new markets and expand our portfolio, and customer service became a core company value, leading us to be recognized with the National Commercial Real Estate Customer Service Award for Excellence ten times.
By 2007, we had become one of the largest REITs in the United States with a portfolio of more than 30 million square feet, and in August of that year, Crescent left the New York Stock Exchange when Morgan Stanley purchased the company for $6.5 billion. During the two year’s under Morgan Stanley’s ownership, Crescent executed a disposition strategy and sold office assets valued at $1.4 billion.
In November 2009, Barclays Capital partnered with Goff Capital, Inc., a company also founded by Goff, to take over ownership of Crescent from Morgan Stanley. Goff returned to Crescent as chairman and CEO.
Today, we manage and develop Class A office buildings in select markets across the United States as well as investments in resort residential developments, luxury hotels and the wellness lifestyle leader, Canyon Ranch®, and we continue to provide exceptional, award-winning customer service.