FORT WORTH, August 10, 2016 – Fort Worth-based Crescent Real Estate LLC (Crescent) and Boston-based Long Wharf Real Estate Partners LLC (Long Wharf) today announced their joint acquisition of International Plaza III (IP III). IP III is a 13-story Class AA office building located at 14221 Dallas North Tollway near the Galleria Dallas retail area. The building also is near Beltline Road amenities such as luxury apartments and a diverse collection of restaurants and entertainment options.
Crescent and Long Wharf purchased the 354,182 square foot office tower on August 1, 2016 and Crescent will manage the property. Crescent is nationally recognized for customer service in the commercial real estate industry and has earned 10 prestigious CEL customer service awards. Long Wharf is an investment manager focused on value-added commercial real estate in markets across the U.S.
Crescent and Long Wharf engaged Cawley Partners to lease IP III. Cawley Partners was the original developer of International Plaza in early 2000 and has more than 30 years experience developing and leasing properties.
The IP III deal was another limited market acquisition that Crescent recently secured. Crescent purchased the Hotel Crescent Court at the end of June in an “off-market” deal. Crescent chairman John Goff acknowledged that Crescent’s strong relationships in the commercial real estate industry provide unique opportunities for Crescent to find favorable deals in the current market.
“Once again, we were able to take advantage of our relationships in the commercial real estate market to find and acquire a very high quality asset significantly below what it would cost to build today,” said Goff. “We are excited to expand our investment portfolio in Dallas, a market we know well. Dallas continues to be a strong overall commercial real estate market with dynamic submarkets. We like IP III’s location in one of Dallas’ most dynamic submarkets.”
Long Wharf Managing Director Philip Murphy added, “We are extremely pleased to add a second Dallas investment to our shared portfolio with Crescent. They are a best-in-class partner with exceptional market knowledge and resources. The IP III acquisition offers a great opportunity to participate in a strengthening submarket which is central to all of Dallas. We are excited to work with the existing high quality tenants while also attracting new companies to this great asset.”
Major tenants include three well-known customers, Excentus (which runs the Fuel Rewards network), Wells Fargo Foothills and BKD LLP. IP III, which is one of three buildings at International Plaza, includes a fitness center, conference center, full-service café, park and koi pond. IP III was renovated in 2012. Crescent and Long Wharf plan additional improvements and updates to the office building.
Crescent used the recently established GP Invitation Fund I (GPIF) to purchase IP III and has used the fund to close four investments. Crescent currently is negotiating several deals and continues targeting investments in all real estate property types, primarily focused on properties in U.S. markets.
Long Wharf Real Estate Partners is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Investing on behalf of institutional clients including corporate and public pension funds, endowments, foundations, and family offices, Long Wharf utilizes a broad-based value-added strategy targeting opportunities in multiple property sectors and markets across the country. Including its experience prior to becoming an independent firm in 2011, Long Wharf has invested over $2.9 billion of equity in more than 200 properties across the U.S. since 1995. For further information, visit: www.lwrep.com.
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