The $700-million sale of The Crescent building was the largest of its kind in the southern U.S. last year, finalized as Dallas Fort-Worth led the country in total commercial real estate investment. According to a new report from Yardi Systems, The Crescent’s sale was the 11th largest office sale in the country in 2021.
A Fort Worth-based fund organized by Crescent Real Estate purchased the landmark building in a deal with JP Morgan Asset Management, which had owned the property for more than 10 years.
Crescent Real Estate was formed by John Goff and Richard Rainwater. The two became partners in the early 1990s, when they saw an opportunity to build a real estate portfolio during a market downturn. Both men began acquiring high-quality real estate properties in emerging markets, one of which was The Crescent, which eventually became the company’s namesake.
Located in Dallas’ Uptown neighborhood, The Crescent is a unique 1.3-million-square-foot multipurpose facility that combines emblematic design with contemporary amenities. The distinguished edifice is home to sophisticated office space, hotel rooms, restaurants, and shops.
The building’s purchase represents the third time Crescent has owned its namesake property since the 1990s.
Other than The Crescent, a number of Austin office transactions made the list of the largest such deals in the U.S. last year, including the $580-million purchase of Indeed Tower and the $315-million sale of Riata Corporate Park, according to The Dallas Morning News. The country’s most significant sale was the $3.4-billion purchase of the University Park at MIT life science campus in Cambridge, Massachusetts.
The Dallas-Fort Worth region was the U.S.’s top investment market for commercial real estate in 2021, accounting for nearly $47 billion in transactions. Purchases of apartments made up more than half of the region’s total investment last year, as reported by Real Capital Analytics.
Learn more about Crescent here.