In a recent expansion of their real estate holdings, Crescent Real Estate has laid claim to the 2100 McKinney tower in Uptown Dallas, a 19-story office building that is perhaps most well-known as a base for commercial real estate heavyweight CBRE. The property, snatched up by the Fort Worth-based Crescent, is part of a growing portfolio in the city's upscale and costly Uptown district, reports Dallas Business Journal. Having closed the deal on December 17, the firm bagged the tower from a partnership between Metropolitan Life Insurance Co. and New York Common Fund, details previously veiled by the private nature of the transaction.
While known for their discretion, Dallas County deed records reveal that Crescent Real Estate obtained loans amounting to a hefty $170.4 million to fund the acquisition. Although the purchase price was not laid bare, the building's previous tax assessment valued it at a cool $184.8 million, according to The Dallas Morning News. Efforts to elicit comments from Crescent Real Estate bounced back with no response before publication. However, it was disclosed that the investment bank Eastdil Secured represented the seller in this transaction.
Dating back to its 2021 acquisition of the namesake Crescent complex for as much as $700 million, Crescent Real Estate, founded by billionaire John Goff, has been bulking up its Uptown presence. Not too long ago, in October, Crescent grabbed The Texas Capital Center at 2000 McKinney Ave. from a German-based seller, Union Investment, pinning it as the largest office transaction this year in the Dallas-Fort Worth area. Union Investment previously snapped up the property in 2016 for a reported $226 million and claimed the most recent sale price is above the latest valuation, without providing specifics.
The 2100 McKinney tower, taking up more than 360,000 square feet and boasting roughly 95% occupancy, was initially developed by Trammell Crow Company in 1999, with a series of renovations last freshening it up in 2021. Tenants of the tower currently enjoy, including CBRE, which occupies a freshly revamped 95,000-square-foot office space, according to the property's website. This move follows CBRE's grand opening of its global headquarters at the PwC Tower at 2121 Pearl St. in Dallas just the previous year, as detailed by The Dallas Morning News.
