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Major Refinancing Deal for The Crescent in Dallas

In a significant move for the Dallas real estate market, JLL's Capital Markets group has arranged a remarkable refinancing deal totaling $596 million for The Crescent, which stands as a beacon of upscale mixed-use real estate in the heart of Uptown Dallas. This iconic property encompasses a substantial 1.3 million square feet, featuring striking office towers and a vibrant atrium filled with luxury retail offerings.

Overview of The Crescent

The Crescent, regarded as one of the most iconic developments in Dallas, consists of three state-of-the-art office towers that serve as a hub for high-profile corporate tenants. Additionally, there is an atrium building covering 167,510 square feet that showcases top-tier luxury retail and dining options. Notably, the property is often referred to as "The Wall Street of Dallas", reflecting its status as a premier destination for businesses and shoppers alike.

Originally constructed in the 1980s, The Crescent has undergone significant renovations over the past five years, enhancing its appeal and functionality. The property boasts an array of amenities, including the Hotel Crescent Court and The Spa at The Crescent, as well as eleven restaurants, premier shopping experiences, an art gallery, and two salons—all contributing to the luxurious atmosphere that attracts both residents and visitors.

Financial Details

The recent refinancing deal secured through Goldman Sachs and J.P. Morgan involves a three-year, floating-rate CMBS loan. JLL represented Crescent Real Estate LLC, the company behind the property, in this pivotal transaction. The refinancing arrives at a time when demand for quality office space in Uptown has surged, with a notable 57.1% rent growth recorded since 2014, underlining the submarket's resilience and attractiveness to tenants.

Representatives from JLL, including Executive Managing Director Trey Morsbach, Senior Managing Director Jim Curtin, and Director Christopher Pratt, played crucial roles in facilitating this refinancing effort. Their expertise in local market dynamics coupled with extensive global investor networks enabled them to negotiate favorable terms for their client.

The Importance of The Crescent

Located at 100, 200, 300 and 500 Crescent Court, The Crescent holds a strategic position within Dallas, surrounded by affluent neighborhoods such as Highland Park, University Park, Lakewood, and Preston Hollow. The property's excellent access to top-tier amenities and its prime location has made it a highly sought-after destination for tenants, with 90% of its space already leased to reputable institutions like Jeffries, Wells Fargo, and PNC Bank.

The vibrant atmosphere and accessibility further enrich The Crescent’s value proposition, making it a focal point in the area’s continuous growth trajectory. The scarcity of Tier 1 office products in the market is anticipated to further elevate demand and rental prices, ensuring sustained interest in this landmark asset.

About JLL

Jones Lang LaSalle Incorporated (JLL) has been a leader in the global commercial real estate industry for over 200 years. With operations across 80 countries and a dedicated workforce of more than 112,000 employees, JLL specializes in providing comprehensive solutions for real estate investors and occupiers alike, focusing on enhancing the market position of their clients.

The Crescent's refinancing is a testament to JLL's robust advisory capabilities, showcasing their commitment to shaping the future of real estate through innovative financial strategies and market insights.

For further information related to The Crescent and updates from JLL, visit their newsroom.