High-rise offices are on the market for the first time in a decade.
One of Dallas’ best-known landmarks is up for grabs.
Uptown’s huge Crescent complex — designed by famed architect Philip Johnson and built in the 1980s — is being offered for sale.
The three-building office complex at McKinney Avenue and Pearl Street has more than 1 million square feet of space and was just remodeled to the tune of more than $30 million.
The postmodern high-rise is one of Dallas’ best-known buildings and has been owned for almost a decade by JP Morgan Asset Management.
Fort Worth-based Crescent Real Estate operates the buildings, which have some of the highest office rents in North Texas.
The property is likely to sell for the highest price ever paid for an office site in North Texas — more than $700 million by some estimates.
The sale does not include the adjoining Crescent Court Hotel.
Commercial property broker JLL is quietly marketing the buildings, real estate brokers familiar with the transaction say.
“JLL is not going to be commenting at this time,” a spokeswoman for the firm said in an email.
Crescent Real Estate officials also would not discuss the sale.
Retail space in the complex is also included in the sale.
The listing of the Crescent for sale is the largest such Dallas commercial property to come on the market since the start of the pandemic.
Some commercial properties that have been listed for sale have been taken off the market, and others that were expected to be put up for purchase have been held back.
When it opened in 1986, the Crescent was the largest and most elaborate real estate development ever built in Dallas.
It is an anchor for the Uptown neighborhood and is the home office for a large number of financial firms, including Morgan Stanley, Bear Stearns, UBS Securities and Goldman Sachs.
The Crescent is one of JP Morgan Asset Management’s biggest real estate holdings. The New York-based investor also owns downtown Dallas’ landmark Trammell Crow Center.
And the company is a partner with Dallas developer Shawn Todd in the East Quarter project on downtown’s east side.