Crescent Real Estate, based in Fort Worth and led by CEO John Goff, has acquired the Texas Capital Center at 2000 McKinney Avenue in Dallas. The transaction is reported as the largest office sale in Dallas this year.
The deal closed on September 10, according to Dallas County records. The property, a 457,000-square-foot office tower built in 2008, was sold by Union Investment Real Estate. While the exact sale price was not disclosed, Union Investment stated that it exceeded the most recent valuation of $291.5 million, or $638 per square foot. This figure surpasses the previous high for the year set by Uptown Link’s $218 million sale to Cousins Properties in August.
Union Investment acquired Texas Capital Center in 2016 for $226 million and listed it for sale this summer with an occupancy rate of 83 percent. The German company said its decision to sell reflects both positive trends in the U.S. office market and a strategy to shift investments from larger office properties to grocery-anchored retail.
JLL’s Mike McDonald and Jonathan Napper represented Union Investment in the transaction.
With this purchase, Crescent strengthens its position as a leading commercial landlord in Uptown Dallas. The firm now controls about one-fifth of Uptown’s office space and is recognized for its Crescent complex—a prominent mixed-use campus frequented by financial industry professionals.
Texas Capital Bank is the anchor tenant at Texas Capital Center with a lease extending through 2040; this agreement tripled its leased space and secured naming rights for the building. Additional tenants include two restaurants—STK Steakhouse and Miriam Cocina Latina—and a gym. The property overlooks Klyde Warren Park.
Uptown Dallas continues to attract financial sector tenants such as Goldman Sachs—which is developing a $500 million campus—and Bank of America, which will occupy a new 30-story tower developed by KDC and Pacific Elm Properties. The New York Stock Exchange has also leased space for its Texas branch nearby at Harlan Crow’s Old Parkland campus.
Located near Dallas’ Arts District, Texas Capital Center underwent $3.6 million in renovations last year.
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