Crescent Real Estate is one step closer to breaking ground on one of the first ground-up office buildings in downtown Dallas outside the Arts District in more than 30 years.
Crescent and equity partner Long Wharf closed Friday on the project’s land, which is adjacent to the office of Corgan, an architecture firm, on Houston Street in the Historic West End. Fort Worth-based Crescent will break ground soon on the new development called The Luminary with general contractor Holder.
The 102,315-square-foot office building will partially serve as an expansion for Corgan. After leasing back its existing, 58,591-square-foot office at 401 North Houston, which Crescent owns, the architecture firm will also lease 21,862 square feet within the new Luminary project. The remaining Luminary space will be multi-tenant office space. As you might expect, Corgan is the design architect for the project. The seven-story building will be the tallest in the West End.
“The space lends itself to tech users, given the floor plate, which is an efficient rectangle,” Crescent Vice President of Acquisitions Stephen Luik said. Floor-to-ceiling windows will be built with self-tinting SageGlass, negating the need for blinds, Luik said. The building will have three parking spaces per 1,000 square feet of area.
In recent years, Crescent has become a major landlord in the neighborhood after snapping up office properties at 208 North Market St., 800 Jackson St., 501 Elm St., and 211 Record St. In the West End, Crescent also owns two surface parking lots and the retail portion of 509 Elm St.