{"id":1004525798,"date":"2021-03-25T10:53:32","date_gmt":"2021-03-25T18:53:32","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004518258"},"modified":"2021-05-19T12:00:03","modified_gmt":"2021-05-19T20:00:03","slug":"crescent-real-estate-re-acquires-iconic-dallas-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/crescent-real-estate-re-acquires-iconic-dallas-property\/","title":{"rendered":"Crescent Real Estate Re-Acquires Iconic Dallas Property"},"content":{"rendered":"
\"\"<\/a>

The Crescent<\/p><\/div>\n

Crescent Real Estate has re-acquired The Crescent, a 1.3 million-square-foot mixed-use development in Uptown Dallas. The company purchased the asset through its GP Invitation Fund II from JP Morgan Asset Management, CommercialEdge data indicates.<\/p>\n

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READ ALSO<\/strong>: Twin Office Towers Coming to Dallas Area<\/a><\/p>\n

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John Goff and Richard Rainwater established Crescent Real Estate Equities in the early 1990s, with a focus of acquiring high-quality properties. Among them was The Crescent, which later became the company\u2019s namesake. The latest acquisition marks the third time the company owns the iconic property, Crescent Chairman John Goff said in prepared remarks.<\/p>\n

According to CommercialEdge, JP Morgan Asset Management bought the property in 2004, from Crescent. In 2011, the project was refinanced with a $205 million loan from Metropolitan Life Insurance Co. Later in 2016, the property underwent a $33 million renovation.<\/p>\n

Built in 1983, Crescent features more than 1.1 million square feet of Class A office space, 164,696 square feet of retail space anchored by Stanley Korshak, as well as 3500 parking spaces. Designed by architect Philip Johnson and John Burgee, the office space features three connected office buildings surrounded by outdoor green areas. The project also includes a golf simulator, private club, spa, hotel, and coffee shop. Out of 125 tenants at the development, more than 80 are in financial-related businesses.<\/p>\n

Located at 100 Crescent Court, on approximately 10 acres, the property is 1 mile from downtown Dallas. Crescent either owns or manages assets in the area, including The Ritz-Carlton, Dallas and the McKinney & Olive office project. The Crescent is also within walking distance of Victory Commons One<\/a>, a 364,530-square-foot office project scheduled for completion in November.<\/p>\n

While the state is still recovering from the February weather crisis<\/a>, the use of office space in Dallas is bouncing back. According to Kastle Systems, the metro\u2019s office use stood at 34.4 percent on Feb. 24, a roughly 30 percent uptick from the 4.3 percent reported a week earlier.<\/p>\n","protected":false},"excerpt":{"rendered":"

The 1.3 million-square-foot mixed-use destination was originally developed in 1983.<\/p>\n","protected":false},"author":868,"featured_media":1004527796,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21743,21752,21742],"tags":[38853,33651,35073,51072],"class_list":["post-1004525798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-deals","category-mixed-use","category-latest","tag-crescent-real-estate-holdings","tag-jp-morgan-asset-management","tag-metropolitan-life-insurance-company","tag-philip-johnson"],"acf":[],"yoast_head":"\nCrescent Real Estate Re-Acquires Iconic Dallas Property - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/crescent-real-estate-re-acquires-iconic-dallas-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crescent Real Estate Re-Acquires Iconic Dallas Property\" \/>\n<meta property=\"og:description\" content=\"The 1.3 million-square-foot mixed-use destination was originally developed in 1983.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/crescent-real-estate-re-acquires-iconic-dallas-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-25T18:53:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-19T20:00:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/The-Crescent-e1616673281523-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sergiu Inizian\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/crescent-real-estate-re-acquires-iconic-dallas-property\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/crescent-real-estate-re-acquires-iconic-dallas-property\\\/\"},\"author\":{\"name\":\"Sergiu Inizian\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/77efc8abfd11ea13ed9ee7a0e190eb2a\"},\"headline\":\"Crescent Real Estate Re-Acquires Iconic Dallas Property\",\"datePublished\":\"2021-03-25T18:53:32+00:00\",\"dateModified\":\"2021-05-19T20:00:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/crescent-real-estate-re-acquires-iconic-dallas-property\\\/\"},\"wordCount\":328,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/crescent-real-estate-re-acquires-iconic-dallas-property\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/05\\\/The-Crescent-e1616673281523-1.jpg\",\"keywords\":[\"Crescent Real Estate Holdings\",\"JP Morgan Asset Management\",\"Metropolitan Life Insurance Company\",\"Philip Johnson\"],\"articleSection\":[\"Dallas\",\"Deals\",\"Mixed Use\",\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/crescent-real-estate-re-acquires-iconic-dallas-property\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/crescent-real-estate-re-acquires-iconic-dallas-property\\\/\",\"name\":\"Crescent Real Estate Re-Acquires Iconic Dallas Property - 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