TLDR
- JLL arranged a $596 million refinancing for The Crescent in Dallas.
- Loan structured as a three-year floating-rate CMBS facility.
- The Crescent is 90% leased to major financial tenants.
- Uptown Dallas office rents have grown 57.1% since 2014.
- JLL shares trade near $268 amid broader market pressure.
Jones Lang LaSalle Incorporated (JLL) shares traded at $268.08, down 11.56% in afternoon trading, as the broader market weighed on commercial real estate stocks. Amid the volatility, JLL’s Capital Markets group announced it has arranged a $596 million refinancing for The Crescent, one of Dallas’ most recognizable mixed-use properties.
Jones Lang LaSalle Incorporated, JLL
The refinancing covers the office towers and atrium building at The Crescent, a 1.3 million square foot landmark property located in the heart of Uptown Dallas, Texas. JLL worked on behalf of Crescent Real Estate LLC to secure a three-year, floating-rate CMBS loan through Goldman Sachs and J.P. Morgan.
Landmark Asset In Prime Uptown Location
The Crescent is widely referred to as “The Wall Street of Dallas,” reflecting its concentration of financial and professional tenants. The property includes three world-class office towers totaling 1,206,239 square feet with ground-floor retail space, along with a 167,510-square-foot, three-story atrium building home to luxury retailers and restaurants.
Originally constructed in the 1980s, the property has undergone substantial renovations over the past five years. The Crescent is surrounded by premier amenities including the Hotel Crescent Court, The Spa at The Crescent, a full-service fitness center, eleven restaurants, luxury shopping, an art gallery, and two salons.
Situated at 100, 200, 300, and 500 Crescent Court, the property sits in Uptown Dallas, one of the city’s most vibrant and affluent districts. The area is adjacent to Highland Park, University Park, Lakewood, and Preston Hollow, neighborhoods known for their density and high-income demographics.
Strong Leasing And Tenant Profile
The Crescent is currently 90% leased to a roster of major financial institutions and investment firms. Tenants include Jefferies, BankUnited, BMO Harris Bank, Wells Fargo, PNC Bank, Raymond James, UBS, and others. The tenant mix reinforces the property’s positioning as a premier Tier 1 office destination.
Uptown Dallas has flourished over the past four decades into what is considered the highest-performing submarket in Dallas. Office rents in the area have grown 57.1% since 2014, reflecting sustained demand for high-quality office product. Scarcity of top-tier office space is expected to continue driving rental growth in the submarket.
The refinancing underscores lender confidence in well-leased, renovated, and centrally located office assets, even as broader office market conditions remain uneven nationwide.
Capital Markets Expertise On Display
The JLL Capital Markets Debt Advisory team representing Crescent Real Estate was led by Executive Managing Director Trey Morsbach, Senior Managing Director Jim Curtin, and Director Christopher Pratt. Their efforts resulted in structuring a CMBS loan backed by two leading global financial institutions.
JLL’s Capital Markets group operates as a full-service global provider of capital solutions for real estate investors and occupiers. The platform delivers investment sales and advisory, debt advisory, mergers and acquisitions, corporate finance, loan sales, equity and fund placement, net lease advisory, derivative advisory, and energy and infrastructure advisory services.
With more than 3,000 specialists worldwide and offices in nearly 50 countries, JLL’s Capital Markets division combines local market insight with global investor relationships to structure complex financing transactions.
Market Context And Strategic Importance
While JLL shares faced selling pressure in the latest session, the successful refinancing of The Crescent highlights ongoing liquidity for high-quality office assets in prime locations. Institutional lenders continue to support properties with strong occupancy, modern upgrades, and long-term tenant stability.
The $596 million transaction reflects both the resilience of premier real estate assets and JLL’s continued leadership in structuring large-scale capital solutions. As commercial real estate markets adjust to evolving conditions, transactions like this demonstrate that demand for institutional-grade office properties in top-tier submarkets remains intact.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
