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| Bill Fishel |
DALLAS, TX – HFF announced today that it has arranged a
construction loan and joint venture equity investment for the development of McKinney
& Olive, a $225 million luxury, Class AAA, 530,000-square-foot,
mixed-use project currently under construction in Uptown Dallas.
HFF
worked exclusively on behalf of the borrower/developer, Crescent Real Estate
Equities in arranging the 10-year, fixed-rate construction financing through
New York Life Insurance Company. J.P.
Morgan Asset Management, acting on behalf of institutional investors it
advises, provided the joint venture equity for the development.
Designed by the world-renowned architectural firm, Pelli Clarke Pelli,
McKinney & Olive will be a one-of-a-kind, 20-story tower with 480,000
square feet of office space, 50,000 square feet of premier lower-floor retail
space and outdoor public space of nearly one acre that will set the project
apart from other buildings in the area.
Prestigious law firms Gardere Wynne Sewell LLP and Sidley
Austin have both pre-leased a portion of the office space. Gardere has signed on for 109,000 square
feet and Sidley has leased 75,000 square feet.
 |
| Mark Gibson |
The
project sits on a 3.1-acre site at McKinney Avenue and Olive Street in Uptown
Dallas with walkability to amenities such as the new Klyde Warren Park, Dallas
Arts District and American Airlines Center.
The project also has easy access to DART bus and light rail
stations and the McKinney Avenue Trolley.
Upon completion in summer 2016, McKinney & Olive will be the tallest
structure in Uptown Dallas and will redefine the Dallas skyline.
According to HFF, the property will represent the newest sophistication
of upper-tier office space in Uptown Dallas and is truly a “best in class”
property in every respect.
The
HFF capital placement team representing the borrower was led by associate
director Bill Fishel along with executive managing director Mark
Gibson and senior managing director Trey Morsbach.
Crescent Real Estate Holdings LLC, headquartered in Fort
Worth, Texas, is a fully-integrated real estate company owned by Goff Capital
and Barclays Capital. Through its
subsidiaries, Crescent owns, manages and develops premier, Class A office
buildings. Crescent also holds
investments in resort residential developments in locations such as Scottsdale,
Vail Valley, and Lake Tahoe; a luxury hotel, The Ritz-Carlton, Dallas; and the
wellness lifestyle leader, Canyon Ranch®.
 |
| Trey Morsbach |
J.P. Morgan Asset Management – Global Real Assets has more
than $74 billion in assets under management and more than 400 professionals in
the U.S., Europe and Asia, as of March 31, 2014.
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.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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