The Dallas-based luxury retailer’s sales have increased more than 30% since before the pandemic.
Luxury retailer Stanley Korshak has made a long-term commitment, the kind you don’t see in retail real estate negotiations as much anymore.
But owner Crawford Brock said he’s sold on Uptown Dallas as a shopping destination for his 55,345-square-foot store on two levels in The Crescent complex.
Brock is also getting store renovations in its new 15-year lease — which has two consecutive five-year options for a total of 25 years — to continue to anchor The Crescent, an original Uptown Dallas development that remains one of the most prestigious. The Crescent includes three connected office towers, the luxury Hotel Crescent Court and Spa and a dozen restaurants.
“The buzz and the excitement of Uptown as a fashionable entertainment and retail neighborhood fits with our approach to provide an extraordinary shopping experience,” Brock said.
Brock has been running Stanley Korshak since it opened in 1987. He bought it in 2002 from oil heiress Caroline Rose Hunt, who had purchased the Stanley Korshak brand to open the store at The Crescent.
“Our business has been phenomenal,” Brock said. The specialty store’s annual sales exceed $40 million and are up more than 30% since before the pandemic.
The improvements will be “significant” and throughout all departments — men’s, women’s, shoes, handbags and jewelry, Brock said. Brand shops and fitting rooms are being rebuilt and moved, and the walkway around the second level will be extended. Other buildings in the complex are also being renovated.
John Goff, chairman of Crescent Real Estate, called the lease renewal meaningful, adding that the store is an “important part of the history of Uptown Dallas.”
Fort Worth-based Crescent Real Estate was founded by Goff and has $10 billion in assets under management. The company purchased the Crescent complex in 2021 for $700 million from JP Morgan Asset Management. It was the 11th-biggest office sale in the U.S. last year.
That sale in process was a reason that Brock signed a two-year lease in 2020 in anticipation of signing a longer lease now, he said. In recent years, retail leases have shortened for a number of reasons, including the demise of many suburban malls, uncertainties about how many physical stores will be needed as more buying moves online and shopping center owners wanting more flexibility to redevelop their properties.
Steve Lieberman of the Retail Connection represented Stanley Korshak in the negotiations, and John Zogg, Tony Click and Jordyn Allen represented The Crescent.