Fort Worth-based Crescent Real Estate has contracted to buy the four buildings.
A sale of a landmark Dallas property is heading toward completion.
Fort Worth-based Crescent Real Estate has emerged as the winning bidder for Uptown’s Crescent office and retail complex. The postmodern high-rise complex is one of Dallas’ best known developments and has been owned for almost a decade by JP Morgan Asset Management.
The office and retail property at Cedar Springs Road and Pearl Street, just north of downtown, is expected to fetch upwards of $700 million.
Crescent Real Estate — which in the late 1980s took its name from the Uptown development — has contracted to purchase the four buildings, according to real estate brokers tracking the deal. Crescent Real Estate already owns the 226-room Crescent Court Hotel.
Crescent Real Estate officials aren’t commenting about the transaction. The firm just oversaw a $33 million redo of the more than 1 million-square-foot property.
The office and retail complex, designed by the famed architect Philip Johnson and built in the 1980s, has been for sale since the summer. The commercial property firm JLL has been marketing the property.
An earlier purchase offer by a venture that included Baupost Group, a Boston-based hedge fund manager, failed to connect.
The 11-acre office, hotel and retail development is considered Dallas’ most exclusive address, with the city’s highest office rents and a loyal retail and hotel customer following.
With its neo-French architecture and huge size, the Crescent was an instant landmark anchoring the area just north of downtown Dallas.
A sale at the expected value would be one of the priciest ever in North Texas. The recent record is the more than $800 million sale of State Farm Insurance’s four-tower Richardson office campus in 2016.