When I began my commercial real estate career in the mid-1980s, the industry was the worst that it could be. The bubble was bursting and very few developments were under construction. But against the odds, The Crescent, a vision of Caroline Rose Hunt, was in the process of being completed by the Rosewood Corp.
This year marks the 25th anniversary of The Crescent, an Uptown asset that has revolutionized mixed-use development, raised the bar for amenities and customer service around the world, and forever changed the face of Dallas.
Hunt was a pioneering visionary. When she began developing the area now called Uptown, it was home to warehouses and car dealerships. Getting tenants to sign leases for this side of town took some convincing, but we worked to create a place where people wanted to be.
In the 1990s, the owner of the property—by then Crescent Real Estate Equities, namesake of The Crescent—narrowed its recruiting efforts to one industry we felt could make a long-term commitment and weather extreme market fluctuations: the financial sector. Today more than 750,000 square feet of space at The Crescent is dedicated to companies in the finance industry. That’s roughly two-thirds of the entire property. The tenant list includes the most prestigious names in the industry.
To meet the needs of these clients, we elevated standards of security. Under the initial direction of recently retired security chief, Wayne Posey, who had served on the Dallas Police Department and was on the scene when President John F. Kennedy was shot, we installed twice as many security cameras and implemented a security force double the average of other properties our size. The Crescent became a place where companies felt their employees and assets were secure.
Before long, the financial hub of the city had shifted to The Crescent, and the success of the property began to flow out into the surrounding area. Neighborhoods were renovated. New office and retail developments began cropping up. The area became a destination in its own right.
Today, as the city of Dallas evolves, Uptown is leading the way, and The Crescent will continue to be an instrumental partner in making that happen.
As a lifelong Dallasite, I’m most excited about The Crescent’s involvement in the Woodall Rodgers Deck Park. The project will connect Uptown to downtown Dallas seamlessly by means of the Arts District, and create a much-needed urban oasis for the residents and professionals of Dallas.
Early next year, the Uptown Public Improvement District will launch the $4 million Cedar Springs Boulevard improvement project, which will update the street and medians along Cedar Springs to give the area a more welcoming urban feel. The Crescent played a pivotal role in securing the initial funding of this project. The ownership of The Crescent is committed to creating a sense of community—both for the benefit of the surrounding area as well as for the benefit of our own customers. Our customers are the core of all we do.
The true magic of The Crescent lies in the people. Because of them we strive to remain relevant to the next generation of professionals. We recently invested $2.3 million to create a dual-feed energy source for the property, which provides a continuous feed of power to our clients so they never experience a power outage. We also are in the process of installing a $7 million smart-technology elevator system that saves time and energy by monitoring traffic patterns and responding instantaneously to requests. The direct-dispatch system will be fully implemented within the next 18 months. We are the first in the market to implement this technology, continuing The Crescent’s reputation as an industry leader.
Twenty-five years after opening its doors, Hunt’s vision is being fully realized. The Crescent is still the most significant project of its kind in the Southwest. From its innovations in technology to its prestigious list of clients, from its history with Dallas to its future with Dallas, the 25th anniversary of The Crescent is both a look back at how far we’ve come—and a springboard into a very bright future.
John L. Zogg Jr. is managing director of Crescent Real Estate Holdings LLC. Contact him at [email protected].
