Dallas Office Complex Secures $205 Million Loan

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The Crescent Secures Financing

Global real estate firm Jones Lang LaSalle announced this week that their firm has secured a $205 million loan for The Crescent, a 1.3-million-square-foot trophy office complex located in Dallas, Texas.  MetLife provided the 10-year, interest-only loan to Crescent Real Estate Equities LLC and institutional investors advised by J.P. Morgan Asset Management.

Leading the Jones Lang LaSalle team on this transaction were Executive Managing Director and Co-Head of the Real Estate Investment Banking practice Mike Melody, Managing Directors Paul House and John Alvarado and Senior Vice President Robby Zorich.

"The Crescent office complex is considered one of the premier office properties in the Southern United States and as such, garnered an intense amount of interest from a whole host of lenders," said Melody.  "MetLife's ability to provide such a large loan, with excellent terms, gave it the edge in refinancing this well located, trophy asset."

The Crescent is located in the Dallas submarket of Uptown/Turtle Creek and sits on an entire crescent-shaped city block.  The mixed-use development offers Class A+ office space, restaurants and upscale retail shops.  The complex was built in 1984 and designed by world-renowned architect Philip Johnson.  The property features a mix of more than 100 tenants representing law, energy, oil and gas companies with an emphasis on many of the world's top financial services firms.

Trammell Crow Center Secures $93 Million Loan

In a separate transaction, Jones Lang LaSalle also secured a $93 million loan for Trammell Crow Center, a 1.1-million-square-foot Class A office tower located in downtown Dallas, Texas.  Northwestern Mutual Life provided the seven-year, interest-only senior mortgage loan to Crescent Real Estate Equities LLC and institutional investors advised by J.P. Morgan Asset Management.

Leading the Jones Lang LaSalle team on this transaction were Executive Managing Director and Co-Head of the Real Estate Investment Banking practice Mike Melody, Managing Directors Paul House and John Alvarado and Senior Vice President Robby Zorich.

"Trammell Crow Center is an iconic feature of the Dallas skyline and boasts an extremely high-quality tenant roster," said House.  "A number of lenders vied for the ability to finance this stellar property."

Trammell Crow Center is a 50-story office tower located at 2001 Ross Avenue in the city's Arts District in downtown Dallas.  The property features numerous on-site restaurants and services.  It was built in 1984 and designed by world-renowned architect Richard Keating.

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