A year after buying real estate in downtown Dallas, Crescent owners are spending millions of dollars upgrading their landmark buildings.
Five Crescent Complexes, which opened in 1986 just north of downtown, are uptown. Set the criteria for subsequent projects.
Last year, multipurpose development Fund buys Fort Worth-based Crescent Real Estate organized a deal worth about $ 700 million. This was the most expensive real estate purchase in North Texas in 2021.
Crescent Real Estate is currently renovating three office towers on Pearl Street between McKinney Avenue and Cedar Springs Road for $ 12 million to increase investment in real estate. The landlord wanted to prepare for a building upgrade when a Crescent employee who worked at his home during a pandemic returned to the office.
John Zog, Managing Director of Crescent Real Estate, said: “I needed to refresh the office lobby. It was time.
“All surfaces except the marble we remade,” he said.
New lighting, ceilings and signs have been installed in the public areas on the ground floor of the three buildings.
“The lighting was very important. It was dark here,” says Zogg. “All the furniture is new, but not all are here yet. Some are still on the boat somewhere.”
Design firm DLR Group, along with J / a Kreativ’s Andre and Jo Staffelbach, was responsible for designing the office interior redo. Scott + Reed is a general contractor.
The neoclassical artwork in the lobby of the building, inherited from the 1980s, includes Brooklyn sculptor Bree Ruice, New York painter Landon Metz, Fortworth painter Matt Kleberg, and Libya Urock artist Saif Asz. It was replaced by a more contemporary piece by a prominent artist in.
“We are an old building, but we keep it fresh,“Zog said.
Most of the previous makeovers have made the accommodation more pedestrian friendly with more outdoor meeting areas, additional eateries and connections to the surrounding area.
The postmodern design of the building by renowned architect Philip Johnson remains intact.
The current office building refurbishment is the latest in a series of refurbishments at Crescent.
“In the last seven years, we’ve probably spent $ 90 million on this property,” Zogg said.
In 2016, the former owner JP Morgan Asset Management was almost completed $ 33 Million Redo Of office towers and retail buildings.
And in 2018, Crescent Real Estate summarized over $ 35 million in improvements. Crescent Court Hotel with 226 rooms.
Exclusive Crescent Club on top of the project We made a $ 3 million renovation in 2019.
With 1.3 million square feet of office space, Crescent’s building is home to as many workers as downtown skyscrapers.
“This building has 132 customers,” says Zogg. “We want this building to remain the best on the market, and to do that we need to keep investing in something like this refurbishment.”
One of the biggest additions is the construction of a 12,000-square-foot fitness center located in the adjacent retail atrium. Entos Design operates a fitness center that opens this summer, offering trainers, fitness classes, and a grab-and-go cafe with healthy food and drinks.
Crescent leads some of Texas’ highest office rents, with over 96% rented. The largest office tenants in the building include Westwood Management, Weil, Gosshall & Manges, UBS Financial, RBC Wealth Management, JP Morgan Chase, Stephens Inc., Next Point Advisor, Raymond James & Associates, PNC Bank and Merrill Lynch. increase.
“The building is an 80% to 85% rental finance company, including family offices and wealth managers,” Zogg said.
Crescent Real Estate officials say the property saw a large influx of people returning to the office. “We see big spikes, especially in the middle of the week,” said Julie Young, Crescent’s general manager. “Some people came back much faster than other buildings.”
Multiple new office projects On the way to the northern area of downtown Dallas, Crescent owners are seeing ongoing upgrades as a defensive move.
“A lot of new products will come out in the next few years,” Zogg said. “We want to anticipate this building so that we can compete not only today but tomorrow.”