FORT WORTH, TEXAS, March 23, 2021—Fort Worth-based Crescent Real Estate LLC today announced it has re-acquired The Crescent office and mixed-use development property in Dallas’ Uptown.
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.”
Crescent is purchasing 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.
“This investment is a unique opportunity to add a truly special asset 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 acquisition deepens Crescent’s commitment to the Uptown Dallas market. Crescent and related entities either own or manage Hotel Crescent Court, The Ritz-Carlton, Dallas, the recently renovated 2401 Cedar Springs office building, and the award-winning McKinney & Olive office project.
FACT SHEET: THE CRESCENT LUXURY OFFICE AND MIXED-USE COMPLEX
- The Crescent is home to 125 tenants, representing high-profile prestigious firms who choose to make The Crescent their company home. Attracted by the extensive amenities available including restaurants, golf simulator, private club, award-winning spa, hotel, and coffee shop. The Crescent has become Dallas’ premier location to recruit and retain employees.
- 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, and The Crescent Club to a new level of luxury and sophistication. Additionally, each of the 226 hotel rooms and suites were completely renovated to the highest modern luxury standard. 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.
- The Crescent has an elite tenant roster with a heavy concentration of financial services firms and has evolved to become the premier financial center of the Southwest. Of the 125 customers in the development, more than 80 are financial-related, including many that rank among the nation’s best-known firms.
- This acquisition deepens Crescent’s visibility in the Uptown Dallas market. Crescent and related entities either own or manage The Ritz-Carlton, Dallas, the recently renovated 2401 Cedar Springs office building, and the award-winning McKinney & Olive office project.
- Designed by Pritzker Prize-winning architect Philip Johnson and John Burgee, The Crescent’s prestigious office space features three connected office towers surrounded by outdoor green spaces, significant mix-use retail, eleven casual and fine dining options as well as the luxury Hotel Crescent Court and Spa. Some of The Crescent dining amenities include Dallas’ finest and trendy restaurants, such as The Capital Grille, Sixty Vines, Moxie’s Grill & Bar, Ascension, East Hampton, Shake Shack, Nobu, and The Crescent Club.
- Exclusive retail options are anchored by Stanley Korshak, a Dallas emporium that pampers customers with service and high-quality merchandise.