Recently Bought Dallas Crescent Gets Major Facelift
The new owners of The Crescent want not only to catch up, but get ahead of the competition, “Two or three years from now, there will be a lot of new products. We want to take this building beyond that so it competes not only today, but tomorrow,” said Managing Director John Zog.
Crescent Real Estate paid $700 million for the five building property a year ago. It was the areas most expensive real estate purchase in 2021. Crescent has added to that number by spending $12 million to upgrade the lobby and much of the interior space. New art work, lighting, ceilings and signs were added to all of buildings. Maybe the biggest change was the addition of a 12,000 square foot fitness center.
Even though it’s 96% leased, Zog sums up why they acted now, “There are 132 customers in this building. We want this building to remain the best in the market, and to do that we need to continue to invest in things like this renovation.”
- ◦Development
