DALLAS, TX - July 21, 2014 - 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.
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®.
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.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.
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Source: HFF, Inc. via GlobeNewswire
- Real Estate
- Uptown Dallas