Crescent Real Estate is beginning construction on a new mixed-use development in North Texas, anchored by financial giant JP Morgan Chase & Co.
The vertically integrated real estate investment, operating, and development company, cofounded by Richard Rainwater and current chairman, billionaire John C. Goff, will span 170,000 square feet in Fort Worth and include office space, two restaurants, and a gym. JPMorgan plans to relocate to the new space from its existing location in Sundance Square.
The New York-based financial services company will take up three floors in the new development, double the amount it currently occupies in its existing home. JPMorgan ultimately expects its new Fort Worth location to employ around 300 people, up from the current 160.
“Rising in a rich destination filled with art and entertainment, The Crescent Fort Worth seamlessly blends quiet luxury with its landmark setting in the world-renowned Cultural District. A centerpoint for connection, The Crescent Fort Worth welcomes the highest level of luxury and hospitality to the heart of the city,” reads a description on the development’s website.
The Crescent Fort Worth already includes a 200-room hotel, a spa, a 168-unit apartment building, and an office. The development’s latest project is expected to join the collection when it wraps up in early 2027.
“With all of the businesses already in the first phase of Crescent offices, something of a financial district is forming just adjacent to the Fort Worth Cultural District,” said Elaine Agather, chairman of the Dallas region for JPMorgan Chase, per Bloomberg.
“We are going to be a major part of it.”
Texas, particularly North Texas, continues to emerge as a prominent financial hub. Earlier this month, The Dallas Express reported that Plymouth, Minnesota-based Wealth Enhancement Group LLC announced the purchase of Dallas-based Fuller, a registered investment advisor. Jim Cahn, chief strategy officer of Wealth Enhancement, said he expects the company’s deal activity in Dallas-Fort Worth to grow substantially in the coming years.
Notably, the Lone Star State is expected to begin trading on its own exchange as early as this year with the launch of the Texas Stock Exchange. Not only that, Nasdaq Inc. recently said it plans to expand its footprint in the state with a new regional headquarters in Dallas.