– Improved fitness center, ceilings and lighting as occupancy climbs to over 90 percent
Crescent Real Estate LLC, through its GP Invitation Funds, has invested $12 million in Uptown’s The Crescent for upgrades and renovations.
Crescent Real Estate LLC, which acquired the property for the third time in March 2021, announced upgrades to lobbies and common areas with lighting, new and additional furniture, commissioned artwork by renowned artists and upgraded hallways and multi-tenant restrooms, as well as a new 12,000 square foot state-of-the-art fitness center.
John Zogg, managing director of Crescent Real Estate, said the property has only been on the open market once, in 2021. He said the property has been sold and repurchased 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 past eight years, improving the restaurant, hotel amenities and pedestrian experience. .
According to a press release, the Crescent has an occupancy rate of 96% thanks to new leases and renewals. Zogg said the property remained relatively full during COVID, as occupancy fell to 88% — a minimum for The Crescent.
He said adjustments were made to vacant space that activated about 400,000 square feet of new and renewed leases.
The Crescent was the highest occupied building in the Crescent Real Estate portfolio, housing national and international businesses.
“It’s good to see everyone again,” 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, nine other leases totaling 43,636 square feet were renewed or completed.
“The Crescent experience begins on our doorstep. As our customers continue to return to the workplace, now is the perfect time to make changes and add amenities to reflect the desires of those who work and visit The Crescent,” said Zogg.
The North and South Lobby properties of Buildings 100, 200 and 300 received tiled ceilings, lighting and improved workspaces. In addition, signage has been replaced on all first floors to facilitate orientation.
New original artwork by several nationally renowned artists now adorns the lobby, including works by Brooklyn-based Brie Ruias, New York, New York-based Landon Metz, Libyan-Yurok artist Saif Azzuz, and Matt Kleberg in Texas.
Zogg called The Crescent Dallas “the most iconic asset” and that you can’t replicate the 12 restaurants, cafes, hotels and 11 acres in the “best sub-market in town.”
He added that they are still looking to improve the facilities – upgrades to elevators, hallways and bathrooms – and will be announcing a new “signature” restaurant soon.