Fort Worth-based Crescent Real Estate LLC today announced it has re-acquired The Crescent office and mixed-use development property in Dallas’ Uptown.
John Goff and Richard Rainwater partnered to establish Crescent Real Estate Equities in the early 1990s when they saw an opportunity to build a real estate portfolio during the market downturn. The two began accumulating high-quality properties in growing markets, including The Crescent®, which eventually became the company’s namesake.
“Today is a milestone day in the history of Crescent,” Crescent Chairman John Goff said. “I chose the Crescent name for our company because I loved the asset – its quality, timeless architecture, and iconic nature. I couldn’t think of a better representation of what we wanted Crescent to be. To acquire it – now for the third time – is exciting for me personally and the entire Crescent team.”
Crescent is purchasing the property through its GP Invitation Fund II, a Crescent-managed investment vehicle used to acquire, develop, and operate all real estate classes alongside institutional investors and high-net worth clients.
“This investment is a unique opportunity to add a truly special asset to our Fund portfolio. We are incredibly bullish on Dallas and Uptown, and The Crescent is perfectly positioned to continue to lead the market in the years ahead,” 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 acquisition deepens Crescent’s commitment to the Uptown Dallas market. Crescent and related entities either own or manage Hotel Crescent Court, The Ritz-Carlton, Dallas, the recently renovated 2401 Cedar Springs office building, and the award-winning McKinney & Olive office project.
Crescent Real Estate LLC (Crescent) is a real estate operating company and investment advisor, founded by Chairman John C. Goff, with assets under management, development, and investment capacity of more than $10 billion. Through the GP Invitation Fund I and the GP Invitation Fund II, the company acquires, develops, and operates all real estate asset classes alongside institutional investors and high net worth clients. Crescent’s premier real estate portfolio consists of Class A and creative office, multifamily, hospitality, and senior living assets located throughout the U.S. For more information, visit www.crescent.com.