The Crescent® is Dallas’ most prestigious address in the region’s most vibrant market – Uptown.
Dallas, Texas (PRWEB) January 31, 2014
Crescent Real Estate Holdings LLC announced today three lease deals totaling more than 42,000 square feet at The Crescent®, an office tower and upscale retail atrium conveniently located in the heart of Uptown Dallas. Holland & Knight expanded its lease to 22,459 square feet and Lantern Asset Management expanded its lease to 9,104 square feet. H.I.G. Whitehorse Management LLC renewed its lease of 10,573 square feet.
Tony Click, leasing vice president at Crescent Real Estate which manages The Crescent®, said each lease renewal is different and demonstrates how Crescent uses flexible space of the three contiguous buildings, customer relationships and a willingness to work with each customer to meet their needs.
“Holland & Knight negotiated its first lease of about 11,000 square feet at The Crescent® last July as the firm’s entry into the Dallas market,” Click said. “We knew they would grow and we are able to move them into a 22,459 square feet space beginning in February.”
“The Crescent® is Dallas’s most prestigious address in the region’s most vibrant market – Uptown,” said John Zogg, managing director of leasing for Crescent Real Estate.
The Crescent® office tower, which totals 1,134,826 rentable square feet in three contiguous buildings with a 19-story center structure and two adjoining 18-story structures, is the only Uptown office building with a dual feed power supply and is the first office complex in Dallas to have Schindlerís innovative PORT (Personal Occupant Requirement Terminal) elevator technology that is designed to move customers faster and more efficiently. The Crescent® offers convenient access to Klyde Warren Park, Dallas North Tollway and Central Expressway and features a fashionable retail atrium that includes some of the area’s finest shopping. Stanley Korshak anchors the upscale atrium. In addition to designer apparel for men and women, Stanley Korshak features fine jewelry, unique home items and its bridal salon. The Crescent® office tower and retail atrium include seven restaurant options.
In addition to the great address, Click and Zogg are quick to point out that Crescent is known for superior customer service, a significant selling point during the Holland & Knight negotiations. According to Click, the Holland & Knight firm had a short window of only several weeks to open its Dallas market and needed a management company that would deliver the lease and build out immediately. Click represented the owner, Crescent TC Investors, L.P., while Marc Grossfeld and Dan Zeltser of Sunwest Real Estate represented Holland & Knight.
Holland & Knight is global law firm with more than 1,000 lawyers and other professionals who represent a broad range of clients in the financial services and corporate sectors, including financial institutions, investment funds, finance companies, private equity groups, hedge funds, asset managers, and other corporate and commercial enterprises. The Dallas office partners also practice in the areas of mergers and acquisitions, restructuring and bankruptcy.
Lantern Asset, a spin-off company of GMAC, established its headquarters in Dallas at The Crescent® in 2011. The original lease of 3,737 square feet has grown to 9,104 square feet in the lease effective April 1, 2014. Click again represented the owner, Crescent TC Investors, L.P. while Calvin Hill of Jones Lang LaSalle represented Lantern.
Lantern Asset Management, an affiliate of Centerbridge Partners, L.P., is a full-service commercial real estate asset management firm building value through origination, underwriting, acquisition and improving performance of real estate assets and related investments. Lantern’s asset management and advisory platform provides both financial resources and operational expertise to help transform undervalued businesses into industry leading enterprises.
H.I.G. Whitehorse is a similar story. About 10 years ago the management company moved to The Crescent®, with 3,700 square feet and grew quickly to 10,573 square which they renewed for another 10 years. Click represented Crescent TC Investors, L.P. Greg Langston and Art Green of Avison Young represented H.I.G. Whitehorse.
H.I.G. Whitehorse Management LLC, the affiliate of H.I.G. Capital, provides debt financing to middle market companies in the U.S. and Europe. H.I.G. Whitehorse has expertise across a broad range of industries, including business services, manufacturing, healthcare, retail, food/agriculture, and specialty finance. The company has a broad investment mandate and provides senior and subordinated debt for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations.
ABOUT THE CRESCENT®
Built in 1986, The Crescent® Office Towers complex is the centerpiece of the Uptown/Turtle Creek Class A office market. Conveniently located on the edge of Dallas' Central Business District, The Crescent® features some of Dallas' premier restaurants and shops and offers convenient access to Klyde Warren Park, Dallas North Tollway and Central Expressway. The Crescent® office towers, a property of Crescent TC Investors, L.P., total 1,134,826 rentable square feet in three contiguous buildings with a 19-story center structure and two adjoining 18-story structures.
Crescent Real Estate Holdings LLC, headquartered in Fort Worth, Texas, is a fully-integrated real estate company owned by Barclays Capital and Goff Capital. Through its subsidiaries, Crescent manages and develops premier, Class A office buildings. Crescent also holds investments in resort residential developments in locations such as Scottsdale, Vail Valley, and Lake Tahoe; a luxury hotel, The Ritz-Carlton, Dallas; and the wellness lifestyle leader, Canyon Ranch®. For more information, visit Crescent's Web site at http://www.crescent.com.
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