Crescent Real Estate Lands New Leases, Renewals in Uptown Dallas

The Crescent. Image courtesy of Crescent Real Estate

Crescent Real Estate secured four lease renewals and four new tenants at The Crescent, a 1.3 million-square-foot Class A+ office property in Uptown Dallas. The eight leases within the 19-story high-rise total 81,860 square feet.

The four renewals consist of two leases with global wealth manager UBS Financial Services, which occupies 41,857 square feet of space in Buildings 100 as well as Building 200. JPMorgan Chase will continue to occupy 22,534 square feet in Building 300, while a 4,623-square-foot space within Building 500 will remain home to Paragon Associates.

The four new tenants include Atalaya Capital Management, which will lease a 4,497-square-foot spec suite, while Maraboyina Capital signed a lease for a spec suite totaling 1,474 square feet. Child Care Investments LLC agreed to occupy 4,915 square feet of space and Stonegate Capital Partners Inc. inked a 1,960-square-foot lease.

Lease negotiations were a team effort: Cushman & Wakefield represented UBS Financial Services and Atalaya Capital Management, while Newmark worked on behalf of Stonegate Capital Partners.

A Class A+ office in Uptown Dallas

The LEED Silver-certified building was originally built in 1983 but underwent a complete renovation in 2016, CommercialEdge data shows. The multi-tenant property composed of three connected office towers also includes a hotel, a spa, a coffee shop, restaurants, as well as a five-level underground parking structure with a ratio of 5 spaces per 1,000 square feet.

The Crescent covers nearly 10 acres at 100 Crescent Court. The property features 30,560-square-foot floorplates with ceiling heights between 9 and 12 feet, as well as 164,696 square feet of premier retail space.

The tenant roster includes PNC Bank, Cyber Defense Labs and Regus, among many others. Based on CommercialEdge data, the Dallas-Fort Worth metro closed the first quarter with a 17.3 percent office vacancy, a 20-basis-point rise month-over-month, but well below the 19.1 percent as of last March.

Recently, Bandera Ventures signed a new lease with Grant Thornton LLP at Ross Tower, a 1.1 million-square-foot office tower within the CBD. The tenant will occupy 24,600 square feet of space.