Sale of Uptown Dallas’ landmark Crescent is close at hand
The sale of a listed property in Dallas is nearing completion.
Fort Worth-based Crescent Real Estate has emerged as the winner for Uptown’s Crescent office and retail complex. The postmodern high-rise complex is one of the most iconic developments in Dallas and has been owned by JP Morgan Asset Management for nearly a decade.
The office and retail properties on Cedar Springs Road and Pearl Street north of downtown are expected to raise more than $ 700 million.
Crescent Real Estate – which got its name from its uptown development in the late 1980s – has commissioned the purchase of the four buildings, according to real estate agents pursuing the deal. Crescent Real Estate already owns the 226 room Crescent Court Hotel.
Officials from Crescent Real Estate have no comment on the transaction. The company was just overseeing a $ 33 million iteration of the 1,000-plus-square-foot property.
The office and retail complex, designed by famous architect Philip Johnson and built in the 1980s, has been for sale since the summer. The commercial real estate company JLL has marketed the property.
A previous offer to buy from a company that included Baupost Group, a Boston-based hedge fund manager, failed to connect.
The 11-acre office, hotel, and retail development ranks as the most exclusive address in Dallas, with the city’s highest office rents and a loyal retail and hotel client.
With its neo-French architecture and enormous size, the Crescent was an instant landmark that anchored the area north of downtown Dallas.
A sale at expected value would be one of the most expensive in North Texas. The latest record is the sale of State Farm Insurance’s four-tower Richardson office campus for over $ 800 million in 2016.