Three lease deals totaling more than 42,000 square-feet have been signed recently at The Crescent, an office tower and upscale retail atrium located in Uptown Dallas. Holland & Knight expanded its lease to 22,459 square feet and Lantern Asset Management expanded its lease to 9,104 square feet. H.I.G. Whitehorse Management LLC renewed its lease of 10,573 square feet.
Tony Click, leasing vice president at Crescent Real Estate which manages The Crescent, said each lease renewal is different and demonstrates how Crescent uses flexible space of the three contiguous buildings, customer relationships and a willingness to work with each customer to meet their needs.
â€œHolland & Knight negotiated its first lease of about 11,000 square feet at The Crescent last July as the firmâ€™s entry into the Dallas market,ï¿½? Click said. â€œWe knew they would grow and we are able to move them into a 22,459 square feet space beginning in February.ï¿½?
The Crescent office tower, which totals 1,134,826 rentable square feet in three contiguous buildings with a 19-story center structure and two adjoining 18-story structures, is the only Uptown office building with a dual feed power supply and is the first office complex in Dallas to have Schindlerâ€™s innovative PORT (Personal Occupant Requirement Terminal) elevator technology that is designed to move customers faster and more efficiently. Stanley Korshak anchors the retail atrium along with seven restaurants.
According to Click, the Holland & Knight firm had a short window of only several weeks to open its Dallas market and needed a management company that would deliver the lease and build out immediately. Click represented the owner, Crescent TC Investors, L.P., while Marc Grossfeld and Dan Zeltser of Sunwest Real Estate represented Holland & Knight.
Lantern Asset, a spin-off company of GMAC, established its headquarters in Dallas at The Crescent in 2011. The original lease of 3,737 square feet has grown to 9,104 square feet in the lease effective April 1, 2014. Click again represented the owner, Crescent TC Investors, L.P. while Calvin Hill of Jones Lang LaSalle represented Lantern.
H.I.G. Whitehorse is a similar story. About 10 years ago the management company moved to The Crescent, with 3,700 square feet and grew quickly to 10,573 square which they renewed for another 10 years. Click represented Crescent TC Investors, L.P. Greg Langston and Art Green of Avison Young represented H.I.G. Whitehorse.
Built in 1986, The Crescent Office Towers complex is the centerpiece of the Uptown/Turtle Creek Class A office market.