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 namesake. 

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, Canyon Ranch®.

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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RECENT NEWS
  • 03.28.2017 CRESCENT ADDS INVESTORS AND BUILDINGS IN FLATIRON PARK FORT WORTH, March 28, 2017 – Crescent Real Estate Equities, LLC today announced that Goldman Sachs Asset Management (GSAM) Private Real Estate and Lionstone Investments joined Crescent as investors in 17 buildings and a development site owned by Crescent since 2011 in Flatiron Park, Boulder, Colorado. Additional...

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  • 03.06.2017 THE CRESCENTS ADDS NEW RETAIL TO THE MIX – SIXTY VINES RESTAURANT, EAST HAMPTON SANDWICH CO. AND BIVINS GALLERY DALLAS, March 6, 2017 – Crescent Property Services LLC today announced new retail has arrived – or is coming soon – to The Crescent®. Sixty Vines, a popular Plano restaurant, is opening its second dining spot there this fall, and East Hampton Sandwich Co. will open early summer. Also, veteran...

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