Fort Worth group re-acquires Dallas’ The Crescent
Fort Worth-based Crescent Real Estate LLC announced on March 23 that it has repurchased The Crescent office and mixed-use development property in Dallas’ Uptown.
Crescent Real Estate acquired the property through its GP Invitation Fund II, an investment vehicle managed by Crescent that is used to acquire, develop and operate all property classes together with institutional investors and high net worth clients.
John Goff and Richard Rainwater teamed up to form Crescent Real Estate Equities in the early 1990s when they saw the opportunity to build a real estate portfolio during the market downturn. The two began accumulating quality real estate in growing markets, including The Crescent®, which eventually became the company’s namesake.
“Today marks a milestone in the history of Crescent,” said John Goff, chairman of Crescent. “I chose the name Crescent for our company because I loved the quality, the timeless architecture and the iconic nature. I couldn’t think of a better representation of what Crescent should be. Acquiring it – now for the third time – is exciting for me personally and the entire Crescent team. “
“This investment is a unique opportunity to add a very special asset to our fund portfolio at 2401 Cedar Springs in Uptown Dallas. We are incredibly optimistic about Dallas and Uptown and The Crescent is perfectly positioned to continue to lead the market for years to come, ”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 is the third time Crescent has owned the 1.3 million square foot office and mixed-use development. No price was published for the transaction.
This acquisition deepens Crescent’s commitment to the Uptown Dallas market. Crescent and related companies own or manage the Crescent Court Hotel, the Ritz-Carlton Dallas, the recently renovated 2401 Cedar Springs office building, and the award-winning McKinney & Olive office project. On Monday, JLL announced that it would consolidate its Dallas operations into Crescent’s 2401 Cedar Springs in Uptown Dallas as the anchor tenant.
The Crescent accommodates 125 tenants and offers extensive amenities such as restaurants, a golf simulator, private club, award-winning spa, hotel and café. In 2016, The Crescent completed a $ 33 million renovation that touched every outer edge of the mixed-use estate, removing barriers, and making it more pedestrian-friendly to bring uptown’s ever-growing day and evening populations to its restaurants and retail stores Curls. The $ 33 million investment follows nearly $ 15 million spent on improving development through infrastructure improvements, including dual-feed electricity, which increases the reliability and efficiency of energy.
Crescent also owns the Crescent Court Hotel, a 226 room luxury hotel on The Crescent® 11 acres. In 2018, a $ 30 million renovation was completed to remodel the lobby, spa, and Crescent Club. Consolidated ownership of both assets provides the opportunity to streamline the operations of the entire complex, generating revenue and cost-saving synergies only found at Crescent.
The Crescent’s office space was designed by Pritzker Prize-winning architects Philip Johnson and John Burgee, and features three interconnected office towers surrounded by outdoor green spaces, significant mix-use retail, twelve casual and upscale restaurants as well as the luxurious Hotel Crescent Court and Spa. Dining options at The Crescent include restaurants such as The Capital Grille, Sixty Vines, Moxies Grill & Bar, Ascension, East Hampton, Shake Shack, Nobu, and The Crescent Club.
Crescent recently announced a major new hotel and office project in Fort Worth’s cultural district.