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Joint venture of JP Morgan Asset Management and Crescent Real Estate Equities refinances The Crescent
DALLAS, TX, Aug. 17, 2011 —Jones Lang LaSalle’s Capital Markets experts today announced the firm has secured a $205 million loan for The Crescent, a 1.3-million-square-foot trophy office complex located in Dallas, Texas. MetLife provided the 10-year, interest-only loan to Crescent Real Estate Equities LLC and institutional investors advised by J.P. Morgan Asset Management.
Leading the Jones Lang LaSalle team on this transaction were Executive Managing Director and Co-Head of the Real Estate Investment Banking practice Mike Melody, Managing Directors Paul House and John Alvarado and Senior Vice President Robby Zorich.
”The Crescent office complex is considered one of the premier office properties in the Southern United States and as such, garnered an intense amount of interest from a whole host of lenders,” said Melody. “MetLife’s ability to provide such a large loan, with excellent terms, gave it the edge in refinancing this well located, trophy asset.”
The Crescent is located in the Dallas submarket of Uptown/Turtle Creek and sits on an entire crescent-shaped city block. The mixed-use development offers Class A+ office space, restaurants and upscale retail shops. The complex was built in 1984 and designed by world-renowned architect Philip Johnson. The property features a mix of more than 100 tenants representing law, energy, oil and gas companies with an emphasis on many of the world’s top financial services firms.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2010 alone, Jones Lang LaSalle Capital Markets completed $43 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $33 billion in global investment sales and buy-side transactions, equating to nearly $140 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its office broker volumes by 257 percent in 2010 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises approximately 800 specialists, operating in 185 major markets worldwide.
About J.P. Morgan Asset Management – Global Real Assets J.P. Morgan Asset Management – Global Real Assets has approximately $54.3 billion in assets under management and 392 professionals in the U.S., Europe and Asia, as of June 30, 2011. With a 40-plus-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $45.3 billion of assets under management. For further information, please visit our website, www.us.joneslanglasalle.com.
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