Seven-story building features 14-foot-high windows with panoramic views and cutting-edge architecture, melding Innovation District’s modern vibe.
DALLAS, TEXAS, US, May 16, 2019 /EINPresswire.com/ — Dallas’ historic West End District has a new landmark. Crescent Real Estate LLC today celebrated the grand opening of The Luminary – a seven story-office building described as “a creative space designed for creatives” – which now stands as the tallest in Dallas’ West End District.
Located in the heart of the Innovation District, the building embraces the West End’s historic context while providing a modern and creative office space designed to blend with the area’s walkable lifestyle of retail, entertainment and housing opportunities.
The Luminary’s journey began two years ago. Crescent, in partnership with Long Wharf Capital LLC, purchased the existing headquarters of Dallas-based architectural firm Corgan in 2017 and announced plans for an innovative expansion to be located at the center of the vibrant West End District in Downtown Dallas.
“Pound for pound, The Luminary is the most innovative new office building in Dallas,” said Joseph Pitchford, managing director for Crescent Real Estate. ”We are thrilled to have worked with Corgan to bring electrochromic glass and an offset core floor plate to the Dallas office market.”
Designed by Corgan, the new expansion of more than 100,000 square feet includes a creative lobby lounge, an industrial-chic rooftop terrace boasting panoramic views, and three floors of office space encompassing a total of 81,711 square feet. Each floor has 27,237 square feet. The garage, which provides much-needed parking space to accommodate workers and visitors who come to the West End, offers a generous 3.0/1,000 parking ratio.
Corgan leased back the existing 57,731-square-foot, three-story building at 401 North Houston St. and leased an additional 23,268 square feet of the new office building adjacent to Corgan’s office.
“The Luminary has exceeded our expectations. What stands out are the 14-foot windows, that not only provide unparallel views of Downtown Dallas and the surrounding areas but bring incredible light to every space,” said John Zogg, managing director of Crescent Real Estate. “Another top attraction is the efficiency of the floor plate, allowing a business the freedom to design a space that inspires creativity and offers maximum productivity.”
He adds that, for a relatively small lease, a business can elevate its brand by taking advantage of building signage that will be seen by approximately 400,000 passing cars daily.
Building highlights include the use of electrochromic SageGlass, which tints automatically to control sunlight, reduce glare and save energy, as well as an offset building core, which creates expansive floor plates. Additionally, the building will have dozens of bicycle racks and shower facilities for use by office customers.
“The combined effects should be especially appealing to businesses focused on recruiting and retaining top young talent who seek flexible, collaborative concepts in desirable, walkable locations,” said Zogg.
Held atop the seventh floor, today’s celebration attracted real estate professionals and neighboring business, civic and nonprofit leaders who gathered for a brief program led by Crescent executives with congratulatory remarks offered by Dallas Deputy Mayor Pro Tem Adam Medrano. A reception followed, spotlighting signature drinks and specialty foods from West End restaurants, including Ellen’s, RJ Mexican Cuisine, 3Eleven Kitchen & Cocktails, Tutta’s Pizza and a new fast-casual restaurant, Family Thais.
Corgan’s existing three-story headquarters in the West End opened in 2007 and is LEED Silver certified. The Luminary will seek LEED v4 Silver certification, and the property in its entirety will also seek WELL Building Standard certification.
The Luminary project complements Crescent and Long Wharf’s 2015 and 2016 investments in the West End. Crescent and Long Wharf currently own 223,000 square feet of creative office space in the West End, having acquired attractive “brick and timber” properties at 208 N. Market St., 501 Elm St., 211 Record St. and 800 Jackson St., all of which include office and ground-floor retail space and were constructed in the early 1900s.
Spread out over 36 blocks, the West End Historic District is a business hub for innovation, as well as a popular tourist and entertainment destination primarily comprised of repurposed early 1900s vintage shipping warehouses showcasing early 20th-century architecture. Beginning in the 1980s, the “brick and timber” buildings were converted into boutique office buildings, attracting architecture and law firms as well as creative office customers. Today, more than 300 businesses and agencies employ more than 10,500 people in 1.6 million square feet of available office inventory in the West End, according to Crescent.
Four DART light rail line stops are within a mile of the development with the closest station being only a five-minute walk from the building entrance. Apartments, restaurants and attractions, including the developing Victory Park entertainment complex and the convention center, are also within walking distance.
For more information, go to theluminarydallas.com. To access the renderings and press kit materials, please go to https://app.box.com/v/theluminarydallas.
Crescent Real Estate LLC (Crescent) is a real estate operating company and investment advisor, founded by Chairman John C. Goff, with assets under management and investment capacity of more than $4 billion. Through the GP Invitation Fund I, the company acquires, develops and operates all real estate asset classes alongside institutional investors and high net worth clients. Crescent’s premier real estate portfolio consists of Class A and creative office, multifamily and hospitality assets located throughout the U.S., including The Ritz-Carlton, Dallas, and the wellness lifestyle leader, Canyon Ranch®. For more information, visit www.crescent.com.
ABOUT LONG WHARF CAPITAL LLC
Long Wharf Capital LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Formed in 2011, the firm invests on behalf of institutional clients including pension funds, endowments, foundations, and family offices. Long Wharf’s investment approach utilizes multiple value creation strategies to target opportunities across property sectors and U.S. markets. Since Long Wharf’s launch in 2011, the team has invested over $750 million of equity in more than 45 investments across the U.S. Including experience prior to forming Long Wharf, the team has invested nearly $3 billion of equity in more than 200 investments representing over $10 billion in gross asset value. For further information, visit www.longwharf.com.
Crescent Real Estate
email us here
Source: EIN Presswire