Crescent Lands $596M Refi for Uptown Dallas Trophy Property

Billionaire John Goff’s firm, Crescent Real Estate, is locking in fresh debt on one of Uptown Dallas’ signature properties.

The Fort Worth-based investor secured a $596 million refinancing for The Crescent, a 1.3 million-square-foot mixed-use complex of three interconnected buildings at 100, 200, 300 and 500 Crescent Court. Goldman Sachs and J.P. Morgan Chase Bank originated the three-year, floating-rate CMBS loan, with JLL Capital Markets arranging it, Commercial Property Executive reported.

Crescent bought the 10-acre property in 2021 from J.P. Morgan Asset Management for $700 million, or roughly $495 per square foot, according to Yardi Matrix. At the time, Goldman provided a $465 million acquisition loan. Los Angeles-based Gibson Dunn advised Goldman on the latest refinancing.

Last year, Crescent paid $292 million for the 21-story Texas Capital Center, at 2000 McKinney Avenue, in what was the city’s largest office deal in years and the second biggest deal in Dallas-Fort Worth in 2025.

Completed in 1983, The Crescent includes three LEED Gold-certified office towers totaling 1.2 million square feet, plus a 167,510-square-foot retail and atrium component, according to the publication. The 18-story and 19-story buildings feature 30,500-square-foot floorplates and a roster of blue-chip tenants, including Jefferies, BankUnited, BMO Harris Bank, Wells Fargo, PNC Bank, Raymond James, UBS, Regus and Dentons. The property was 90 percent leased at closing.

Beyond office space, the complex functions as a mini mixed-use district. Amenities include a fitness center, art gallery, two salons and a 3,600-space parking garage, according to a news release. The site is also home to 11 restaurants, the Hotel Crescent Court and its adjoining spa.

Elsewhere in Uptown, Crescent closed on CBRE’s 19-story headquarters at 2100 McKinney Avenue in December, with $170.4 million in financing.

The refinancing for The Crescent comes as Dallas’ office market shows tentative signs of stabilization. In December, average asking rents hit $32 per square foot, up 2.8 percent, year-over-year, though slightly below the national average of $33, according to Yardi Matrix. Vacancies fell from the same period a year earlier to 21.1 percent — still above the 18.4 percent national rate, but part of a broader trend that saw 17 of the top 25 U.S. office markets post year-over-year vacancy declines in 2025.

— Eric Weilbacher