One of Dallas’ most prominent office complexes refinanced last week.
In a deal brokered by JLL, Crow Holdings secured a five-year, fixed-rate loan from American General Life Insurance Company for six buildings of Old Parkland, the exclusive office complex at the intersection of Maple Avenue and the Dallas North Tollway, the Dallas Business Journal reported. Financial details weren’t disclosed.
The buildings included in the deal are Old Main, Woodlawn Hall, Reagan Place, Oak Lawn Hall, Parkland Hall and Commonwealth Hall, which comprise the original part of the campus redeveloped from Dallas’ first hospital, Parkland. The buildings have a combined area of 288,217 square feet.
American General Life Insurance Company, part of American International Group, lent the money, according to a county document filed April 27. AIG sold a 9.9 percent equity stake to Blackstone Real Estate Debt Strategies in 2021, the publication reported.
JLL senior managing director John Rose, vice president Ryan Pollack and associate Jordan Buck negotiated the deal.
Crow Holdings spent about $300 million to redevelop the derelict Parkland Hospital site into an Ivy League-style office campus, mostly without financing, according to Institutional Investor. The company added three new buildings to the campus last year, and it may start construction on three new buildings on the east side of the campus this fall.
Old Parkland is exclusive. Prospective tenants can inquire about leasing, but Crow Holdings screens tenants in a selective process that can reportedly hinge on the personal assent of Crow Holdings board chairman Harlan Crow himself.
NYSE Texas chose Old Parkland for its headquarters last year, joining several high-profile finance firms, according to the outlet. It also accommodates the family offices of some retired hedge fund managers and former President George W. Bush.
Crow Holdings manages more than $30 billion in assets and primarily develops multifamily and industrial properties around the country, according to its website.
-Isaiah Mitchell
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