– Improved fitness center, ceilings, and lighting as occupancy soars to more than 90 percent
Crescent Real Estate LLC, through its GP Invitation Funds, invested $12 million into Uptown’s The Crescent for upgrades and renovations.
Crescent Real Estate LLC, which reacquired the property for the third time in March 2021, announced improvements to the lobbies and common areas with lighting, new and additional furniture, commissioned artwork by renowned artists, and upgraded multi-tenant corridors and restrooms, along with a new, state-of-the-art 12,000-square-foot fitness center.
John Zogg, Managing Director of Crescent Real Estate, said the property was on the open market just once, which was in 2021. He said the property was sold and reacquired twice between 2007 and 2021.
He said it was important to “reimagine” the property and Crescent Real Estate has spent $90 million on the property over the last eight years, improving dining, the hotel amenities, and pedestrian experience.
According to a press release, The Crescent occupancy is at 96 percent thanks to new leases and renewals. Zogg said the property remained relatively full during COVID, as occupancy fell to 88 percent — a low for The Crescent.
He said adjustments were made to vacant spaces that activated roughly 400,000 square feet of new and renewed leases.
The Crescent was the highest occupied building in Crescent Real Estate’s portfolio, home to both national and international companies.
“It’s good to see everybody back,” he said.
The Crescent announced in May that eight leases totaling 81,860 square feet were recently renewed or newly completed, including clients such as JPMorgan Chase and UBS. In February, an additional nine leases totaling 43,636 square feet were renewed or completed.
“The Crescent experience begins at our front doors. As our customers continue to return to the workplace, this is the perfect time to make some changes and add amenities to reflect the desires of those who work and visit The Crescent,” Zogg said.
The properties in the north and south lobbies in the 100, 200, and 300 buildings received upgraded mosaic tile ceilings, lighting, and workspaces. Additionally, signage has been replaced throughout the first floors to assist with wayfinding.
New original artworks by several nationally renowned artists now adorn the lobby, including pieces from Brooklyn, New York-based Brie Ruias, New York’s Landon Metz, Saif Azzuz, a Libyan-Yurok artist, and Texas’ Matt Kleberg.
Zogg called The Crescent Dallas’ “most iconic asset” and that you cannot reproduce the 12 restaurants, coffee shops, hotels, and 11 acres in the “best submarket in the city.”
He added that they are always looking to improve the facility — upgrades to elevators, corridors, and bathrooms — and will soon announce a new “signature” restaurant.
