Crescent Lands $596M for Dallas Office Campus

February 13, 2026

Finance Dallas News Office More Southwest

The property comprises 1.3 million square feet.

Exterior shot of The Crescent, a 1.3 million-square-foot mixed-use asset in Uptown Dallas. — The Crescent comprises three office buildings and an atrium that serves as retail space. *Image courtesy of JLL Capital Markets*

Crescent Real Estate has secured a $596 million refinancing loan for The Crescent, a 1.3 million-square-foot mixed-use asset in uptown Dallas. Goldman Sachs and J.P. Morgan Chase Bank issued the three-year, floating-rate CMBS note, in a transaction arranged by JLL Capital Markets.

Crescent Real Estate purchased The Crescent in 2021 from J.P. Morgan Asset Management for $700 million, or $494.89 per square foot, according to Yardi Matrix information. Goldman Sachs issued a three-year acquisition loan in the amount of $465 million.

JLL Capital Markets Executive Managing Director Trey Morsbach, Senior Managing Director Jim Curtin and Director Christopher Pratt led the Debt Advisory team that arranged the deal on behalf of the ownership.

An uptown Dallas trophy asset

Completed in 1983, The Crescent consists of three office towers totaling 1.2 million square feet and a three-story, 167,510-square-foot atrium building that includes retail space. Rising 18 and 19 stories high, the LEED Gold-certified office buildings feature floorplates measuring 30,500 square feet.

After several renovations over the past five years, the property’s shared amenities include a fitness center, an art gallery, two salons, a multi-level parking structure with more than 3,600 spots and 17 passenger elevators. The trophy towers also house 11 restaurants, the Hotel Crescent Court and The Spa at The Crescent.

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The tenant roster at The Crescent includes Jeffries, BankUnited, BMO Harris Bank, Wells Fargo, PNC Bank, Raymond James, UBS, Regus and Dentons. The property was 90 percent leased at the time of the deal.

Located at 100, 200, 300 and 500 Crescent Court on a 10-acre site, The Crescent is 2 miles north of downtown Dallas. Major thoroughfares in the area include interstates 345, 30 and 40, as well as Texas State Route 366.

Dallas office market tries to find balance

As of December 2025, Dallas’ average office listing rates clocked in at $32.19 per square foot, up 2.8 percent year-over-year, yet slightly below the national figure of $32.86, according to a recent Yardi Matrix report. The metro trailed behind some of its peer markets, namely Austin ($45.93 per square foot) and Atlanta ($36.85 per square foot), but surpassed Phoenix ($30.17 per square foot) and Houston ($27.53 per square foot).

During the same month Dallas’ office market experienced a steep improvement concerning its average vacancy rate, which dropped 290 basis points compared to the same time in 2024, to 21.1 percent. However, the figure exceeded the national 18.4 percent. Over the course of 2025, 17 out of the top 25 U.S. office markets registered declines in vacancy rates, signaling a broader attempt across the sector to reach stabilization.