JLL’s Capital Markets group announced today that it has arranged a $596 million refinancing for the office towers and atrium building at The Crescent, a landmark mixed-use property totaling 1.3 million square feet in the heart of Uptown Dallas, Texas.
JLL worked on behalf of Crescent Real Estate LLC to secure the three-year, floating-rate CMBS loan through Goldman Sachs and J.P. Morgan.
The Crescent is one of Dallas’ most iconic real estate landmarks, consisting of The Cresent office towers, which are three world-class office towers with ground floor retail totaling 1,206,239 square feet and the atrium building, a 167,510-square-foot, three-story building that is home to some of the top luxury retailers and restaurants in the city. Originally built in the 1980’s, The Crescent has been substantially renovated in the last five years and is surrounded by quality amenities, including the Hotel Crescent Court and The Spa at The Crescent, a full-service fitness center, eleven restaurants, luxury shopping, an art gallery and two salons.
Commonly referred to as “The Wall Street of Dallas”, The Crescent is 90% leased to top tenants such as Jeffries, BankUnited, BMO Harris Bank, Wells Fargo, PNC Bank, Raymond James, UBS and more.
The property sits in the heart of Uptown Dallas at 100, 200, 300 and 500 Crescent Court. Uptown has flourished over the last four decades into the highest performing submarket in Dallas, surrounded by Dallas’ most densely populated and affluent neighborhoods, including Highland Park, University Park, Lakewood and Preston Hollow. The submarket has seen tremendous rent growth of 57.1% since 2014, which will continue as the scarcity of Tier 1 office product accelerates.
JLL’s Capital Markets Debt Advisory team representing the borrower was led by Executive Managing Director Trey Morsbach, Senior Managing Director Jim Curtin and Director Christopher Pratt.
