The Crescent® Office Towers Reigns In More Financial Firm Leases

Published on: Jul 11, 2011

THE CRESCENT® OFFICE TOWERS REIGNS IN MORE FINANCIAL FIRM LEASES

“Financial Center of the Southwest” signs more than 90,000 square feet with financial firms since 1/1/11

DALLAS, TX, (July 11, 2011) – Crescent Real Estate Holdings LLC announced that it has completed six new or renewal leases with major financial firms totaling 90,056 square feet so far this year for its namesake property, The Crescent Office Towers. This follows the October announcement that the property signed 14 leases with financial firms including Morgan Stanley Smith Barney, Jefferies, Goldman Sachs and Citicorp totaling more than 140,000 square feet during 2010. Currently The Crescent is home to 86 financial firms with a collective 712,000 square feet, equating to a financial industry concentration of 65% of the 1.1 million square-foot property.

Financial customers at The Crescent who have signed leases since 1/1/11 include: Highland Capital Management, L.P. (43,515 square feet – new), Westwood Management Corporation (21,587 square feet – renew and 3,968 square feet – new), Truman Arnold Companies (8,182 square feet – new), Bessemer Trust Company (6,251 square feet – renew), Lantern Asset Management (4,700 square feet – new), and Edge Capital Partners (1,853 square feet – new).

“Westwood has been a part of The Crescent for over twenty years, and we were intent on renewing for an additional ten,”said Westwood CEO Brian Casey. “Certainly the obvious features are important – uptown address, architecture, accessibility, valet parking, dining, and proximity to hotels. But more important is The Crescent's investment in us. In our business, and others alike, we can't afford to be unavailable, out of touch, or off-line for even a minute. The recent $2.2 million dual power feed and $6.5 million elevator upgrade projects are examples of such investments. Crescent knows what it means to own and operate a Class A property in a major market.”

Christopher Lee is founder of CEL & Associates, Inc. the largest independent surveyor of customer opinions in the real estate industry and the company that surveys customers for the A List awards. According to Lee, the quality and level of service provided to office customers is a key factor in building and sustaining brand and customer loyalty, retention, increasing asset value and generating best in class operating and financial performance.

The Crescent's owner, Crescent TC Investors, L.P, was represented by Crescent Vice President of Leasing, Tony Click, while the following companies were represented by noted brokers: Highland Capital Management, L.P. (Robert Deptula and Nora Hogan – Transwestern), Westwood Management Corporation (Paul Whitman and Brad Selner – Jones Lang LaSalle), Truman Arnold Companies (John Poston – Lincoln Property Company), Bessemer Trust Company (Chelby Sanders – Jones Lang LaSalle), Lantern Asset Management (Calvin Hull – Jones Lang LaSalle), and Edge Capital Partners (Jack Diamond – USA Realty Advisors).

“We are thrilled that The Crescent is often referred to as the 'Wall Street of Dallas' and 'Financial Center of the Southwest', but at the end of the day, we are doing the very best we can to help every customer succeed in what they do, regardless of industry type,” commented Tony Click, Crescent's Vice President of Leasing.

We are recognized as the Best in Industry because we have the best customers and everything we do is focused on our customers, said Anderson, COO of Crescent. “Building design, maintenance, amenities and programs are focused on the customer experience at our Crescent properties. We pay close attention to our customers and we take care of details.

Goff and Anderson value long-term relationships and loyalty with both customers and employees. Crescent is proud of a significant number of customers that have been in properties for more than 20 years. More than 70 percent of Crescents management staff has been with Crescent properties for more than 20 years.

In addition to the employee-customer personal interaction, Crescent emphasizes customer support from all employees and service partners. Building engineers, maintenance, security and janitorial support are critical to top performance of the locations. The corporate office in Fort Worth, Texas, serves an integral role as well, providing management oversight, financial and technology support important to smooth business operations.

Customer service is our passion. Customer service is our culture. Customer service is our advantage, added Goff. Winning the National Commercial Real Estate Customer Service Award for Excellence is a tremendous honor for Crescent because our customers are telling a third-party that we are meeting or exceeding customers expectations. That makes me proud of everyone at Crescent – our employees and customers.

ABOUT THE CRESCENT®

Built in 1986, The Crescent® Office Towers complex is the centerpiece of the Uptown/Turtle Creek Class A office market. Conveniently located on the edge of Dallas' Central Business District, The Crescent® features some of Dallas' premier restaurants and shops and offers convenient access to Klyde Warren Park, Dallas North Tollway and Central Expressway. The Crescent® office towers, a property of Crescent TC Investors, L.P., total 1,134,826 rentable square feet in three contiguous buildings with a 19-story center structure and two adjoining 18-story structures

ABOUT CRESCENT

Crescent Real Estate Holdings LLC, headquartered in Fort Worth, Texas, is a fully-integrated real estate company owned by Barclays Capital and Goff Capital. Through its subsidiaries, Crescent manages and develops premier, Class A office buildings. Crescent also holds investments in resort residential developments in locations such as Scottsdale, Vail Valley, and Lake Tahoe; a luxury hotel, The Ritz-Carlton, Dallas; and the wellness lifestyle leader, Canyon Ranch®. For more information, visit Crescent's Web site at www.crescent.com.