News
270 DAYS
March 28, 2011
| It took just nine months for Crescent to fill about 250k SF of office space in the Carter Burgess Plaza (which it owns) in Fort Worth. Despite the time frame, they're seeking tenants, not hand-me-downs. | |
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| We visited with Crescent managing director of leasing John Zogg, who tells us Carter Burgess now has just 60k SF of space remaining. It's made more impressive when you consider the gaping holes left when Jacobs and Encore left. About 80% of the activity has been with energy firms taking 10K to 50K SF spaces. Being able to fill those large holes with multiple companies wasn't something John thought possible last year, and he anticipates the Fort Worth CBDoccupancy will continue to rise in the next three to four months. Carter Burgess Plaza has undergone lobby improvements as well as the complete rebuilding of the Petroleum Club, which re-opens in April, and has been cause for lots of excitement, John tells us. | |
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| John gave us a tour of the 20k SF top floor executive suite in the Crescent Office Towers (pictured). When Crescent was sold in August 2007 to Morgan Stanley, John and several fellow execs left; they returned when the Barclays and Goff Capital JV purchased the firm in November 2009. ?We implemented a lot of changes at the corporate office and in the field to get the right team on board,? he tells us. ?This is a team that has predominantly worked together for 15 years.? He says much of last year was spent putting those pieces into place and now Crescent is repositioning assets and being ?good stewards? of those properties. Since late 1999, to date, Crescent has spent more than $105M in property improvements for its entire portfolio. | |
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| It's a tough environment to spend a lot of capital, he says, but Crescent?s plan is to improve the portfolio and almost every asset has significant improvement projects. Crescent Office Towers (above) has a $6M elevator project going on now. The overall company has more than 17M SF of office space and several residential developments and hotels. Its primary markets areHouston, Dallas, Denver, Fort Worth, and Las Vegas. In Dallas, Crescent owns the Ritz Carlton Hotel and Residences, Crescent Office Towers, Trammell Crow Center, and Fountain Place. In Fort Worth, it owns its HQ building and the aforementioned Carter Burgess Plaza. To hear more from John (along with many more Fort Worth experts), come to the Bisnow State of the Fort Worth Marketthis Wednesday at the Hilton Fort Worth. Register here. Brush up onVenus Williams stats, so you can sound intelligent when you ask John about his three daughters (14, 13, and 11), who all play competitive tennis. |
