The buyer in Dallas’ biggest office trade of the year is Fort Worth-based Crescent Real Estate, led by billionaire CEO John Goff.
The sale closed Sept. 10 on Texas Capital Center at 2000 McKinney Avenue, according to Dallas County records.
The 457,000-square-foot tower property traded for above its most recent valuation of $291.5 million, seller Union Investment Real Estate said, although the price wasn’t disclosed, the Dallas Business Journal reported. CoStar first reported Crescent as the buyer. The valuation amounts to $638 per square foot.
That price eclipses the $218 million Uptown Link sale to Cousins Properties in August, setting a high-water mark for this year.
The 21-story tower, built in 2008, had only been on the market since June. Union acquired it in 2016 for $226 million and listed it this summer with occupancy at 83 percent. The German seller said the sale reflected momentum in the U.S. office market as well as the firm’s strategy to rotate out of larger, older properties and shift investments to grocery-anchored retail.
JLL’s Mike McDonald and Jonathan Napper represented the seller.
The purchase cements Crescent’s reputation as the dominant commercial landlord in Uptown. The firm already controls about a fifth of the district’s office assets and is best known for the Crescent complex, a mixed-use campus that’s long been a clubhouse for Dallas’ financial elite.
Texas Capital Bank anchors the building, with a lease through 2040 that tripled its space and locked in naming rights. The property also has two restaurants, STK Steakhouse and Miriam Cocina Latina, a gym and overlooks Klyde Warren Park.
The Uptown neighborhood is becoming a favorite for the financial sector, with the New York Stock Exchange setting up shop for its Texas branch with a 28,000-square-foot lease in Harlan Crow’s Old Parkland. Others flocking to “Y’all Street” include Goldman Sachs by Hunt Realty with the development of a $500 million campus and a 30-story tower for Bank of America by KDC and Pacific Elm Properties.
2000 McKinney is also near the gateway to Dallas’ Arts District and underwent $3.6 million in renovations in 2023.
— Eric Weilbacher
Read more
Union Investment sells Uptown tower in biggest trade this year
NYSE Texas leases HQ at Harlan Crow’s Old Parkland campus
European investor’s pivot puts prime Uptown office up for grabs
Crescent targets demand for upscale Texas Hill Country homes
