DALLAS, TX, (October 1, 2010) – Crescent Real Estate Holdings LLC announced that it has completed 14 new or renewal leases with major financial companies for The Crescent Office Towers, including Morgan Stanley Smith Barney, Jefferies, Goldman Sachs and Citicorp during a breakfast meeting with Dallas Mayor Tom Leppert today. The combined leases total more than 140,000 square feet, and bring The Crescent’s financial industry concentration to 82 financial firms and nearly 650,000 square feet of leased space.
“Since Crescent Real Estate’s inception in 1994, I have watched the company go to great lengths to attract and retain an impressive roster of financial firms for Dallas,” said Mayor Leppert at a breakfast event held at The Crescent Club this morning. “We all recognize that establishing Dallas as a global hub for financial institutions and other industries is key to Dallas’ long-term economic health, and Crescent is definitely paving the way.”
Crescent is investing $2.1 million by year end through Oncor Energy to provide the Class A office property with a true dual-feed power source – the only one of its kind in Uptown Dallas. The new dual-feed power system is designed to protect The Crescent Office Towers’ customers in the event of a main line power outage. Crescent started lobbying Oncor in 2009 for a secondary source of power to protect its customers, many of whom could be materially affected by even a brief outage. “The Crescent Office Towers has long been the prestigious office address in Dallas, but it is now recognized as one of the world’s financial centers, offering state-of-the-art systems and exceptional customer service,” said John Zogg, Crescent’s managing director of leasing.
Customers of The Crescent Office Towers that recently signed renewal leases for a total of 105,299 square feet include:
- Morgan Stanley Smith Barney (34,515 square feet)
- Maverick Capital (30,575 square feet)
- Goldman Sachs (21,611 square feet)
- Haas Wheat & Partners (6,014 square feet)
- Esposito Securities (4,367 square feet)
- The Taylor Companies (3,333 square feet)
- McGowan Group (2,550 square feet)
- Armadillo Capital (2,334 square feet)
Those signing new leases, for a total of 40,602 square feet, include:
- Citicorp NA (11,804 square feet)
- Jefferies & Company (7,900 square feet)
- Citadel LLC (6,282 square feet)
- Houlihan Lokey (5,847 square feet)
- Clover Partners (4,678 square feet)
- Freeman Group (4,091 square feet)
“We have been at The Crescent for 25 years and are impressed that even in this challenged economy, Crescent remains committed to its customers and the improvement of its assets,” said Kirk Rimer, managing director of Goldman Sachs. “Our business hinges on the integrity and security of our clients’ financial information and having Crescent backing us up is invaluable.”
ABOUT THE CRESCENT OFFICE TOWERS
The Crescent Office Towers property is owned by Crescent TC Investors, L.P., a joint venture of Crescent Real Estate Equities Limited Partnership, institutional investors advised by J.P. Morgan Asset Management, and other institutional investors. Designed by nationally-acclaimed architect Philip Johnson, The Crescent Office Towers total 1.1 million square feet in three contiguous buildings and, with the adjacent Hotel Crescent Court, are the centerpiece of uptown Dallas.
ABOUT CRESCENT
Crescent Real Estate Holdings LLC, headquartered in Fort Worth, Texas, is a fully-integrated real estate company owned by Barclays Capital and Goff Capital. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 35 premier office buildings totaling over 17 million square feet located in select markets across the United States with major concentrations in Dallas, Houston, Denver and Las Vegas. Crescent also holds investments in resort residential developments in locations such as Scottsdale, Vail Valley, and Lake Tahoe; luxury hotels; and the wellness lifestyle leader, Canyon Ranch®. For more information, visit Crescent’s website at www.crescent.com.
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