Crescent Real Estate is doubling down on its home turf with another marquee acquisition in the city’s most coveted office district.
The Fort Worth-based landlord purchased 2100 McKinney Avenue, a 19-story office building in the heart of Uptown, the Dallas Business Journal reported, citing Dallas County deed records. The seller was a joint venture between Metropolitan Life Insurance and New York Common Fund. The deal closed Dec. 17, and while the sale price was not disclosed, Crescent lined up $170.4 million in financing to acquire the property, deed records show.
The deal caps a banner year for Crescent, which also picked up the 21-story Texas Capital Center. It bought the Uptown tower at 2000 McKinney Avenue from German investor Union Investment Real Estate in September.Â
Led by chairman John Goff, Crescent oversees more than $10 billion in assets, according to the company. It’s best known for The Crescent, the iconic mixed-use complex that anchors Uptown. The firm originally helped develop the project in the mid-1980s, later owned it in the 1990s, re-acquired it in 2009, sold it and then bought it back again in 2021 — the third time it’s taken control of the trophy asset. The firm’s local portfolio also includes the Ritz-Carlton Dallas and Hotel Crescent Court, along with office properties at 2401 Cedar Springs and 2811 Maple Avenue.
The newly acquired building sits directly across the street from the Ritz-Carlton, with Klyde Warren Park just a short walk away, placing it squarely in the center of Uptown’s office, hotel and luxury residential ecosystem. Developed by Trammell Crow Company in 1999 and designed by HOK, the brick building underwent a renovation in 2021.
One of the building’s most visible tenants is CBRE, which maintains prominent signage atop the tower. The outlet reported that the brokerage recently completed an extensive overhaul of its roughly 95,000-square-foot, two-floor Dallas office inside the building, adding a steel staircase, coffee bar with a barista, concierge desk and even a hidden speakeasy. The space serves as CBRE’s Dallas office, separate from its global headquarters at PwC Tower on Pearl Street.
The transaction is one of a number of blockbuster office deals in Uptown this year, including the trade of The Link at Uptown, which Atlanta-based Cousins Properties bought from Kaizen Development Partners over the summer.
— Eric Weilbacher
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