Crescent Real Estate Holdings LLC began as Crescent Real
Estate Equities and was founded by John Goff and Richard Rainwater, both of
whom were 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
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.
Then, during the credit crisis of 1998, Goff saw
another opportunity and established Goff Capital Partners to invest primarily
in real estate debt. Goff Capital Partners eventually managed a portfolio of
more than $4 billion in debt securities.
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, Crescent 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 years 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 of Crescent Real Estate Holdings,
which today manages and develops premier real estate assets throughout the
U.S., such as The Ritz-Carlton, Dallas; the newly developed Class AA office
building, McKinney & Olive in Dallas; and the wellness lifestyle leader,
In 2016, Goff established and led the capital campaign for
the GP Invitation Fund, a private, invitation-only fund that raised $200 million
and allowed for more than $4 billion in purchase power. Shortly after its
creation, Goff combined the resources of his two real estate firms, Crescent
Real Estate Holdings and Goff Capital Partners, to manage the fund. The fully
integrated real estate investment, management and development company now
operates under the name Crescent Real Estate LLC. Crescent Real Estate
continues to acquire, develop and operate all real estate asset classes
alongside institutional investors and high net worth clients. Its portfolio
consists of 7,450 units of multifamily properties; 2.3 million square feet of
creative office space; 610,000 square feet of Class A office properties in
Colorado and Texas; and The Hotel Crescent Court in Dallas.
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