Crescent Snaps Up Another Office Tower
Midtown Dallas continues to look better and better with a new acquisition from Crescent. Crescent and Long Wharf Real Estate Partners jointly acquired International Plaza III at 14241 Dallas North Tollway in Far North Dallas. Crescent will manage the 13-story trophy office building.
It's been a busy summer for Crescent, which recently pumped $33M into The Crescent in Uptown, purchased Hotel Crescent Court in June and will open McKinney & Olive later this month. Crescent is also an investor in the Dallas Midtown mixed-use project.
Boston-based Long Wharf is an investment manager focused on value-add properties across the US. Crescent and Long Wharf engaged the original developer of IP III, Cawley Partners, to lease the tower.
Major tenants include Excentus, Wells Fargo Foothills and BKD. IP III was renovated in 2012 and has a fitness center, conference center, full-service café, park and koi pond. Crescent and Long Wharf plan to make further improvements to the tower.
Crescent used the recently established GP Invitation Fund I to close four investments, including the limited market acquisition of IP III. We’re told this won’t be the last targeted investment from Crescent—it's in negotiations on several US deals.