DALLAS–One month after developer Crescent Real Estate Holdings broke ground on the project, HFF has arranged a construction loan and joint venture equity investment for the development of McKinney & Olive, a $225-million, 530,000-square-foot, mixed-use project currently under construction in Uptown Dallas. When completed, the Pelli Clarke Pelli-designed tower will be the tallest building in the neighborhood.
HFF worked exclusively on behalf of Crescent in arranging the 10-year, fixed-rate construction financing through New York Life Insurance Co. J.P. Morgan Asset Management, acting on behalf of institutional investors it advises, provided the joint venture equity for the development. 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.
Rising on a 3.1-acre site at McKinney Avenue and Olive Street, the tower will include 480,000 square feet of office space, 50,000 square feet of lower-floor retail and outdoor public space of nearly one acre. A pair of law firms have pre-leased space at the property: Gardere Wynne Sewell LLP, which signed on for 109,000 square feet this past April; and Sidley Austin, which more recently took 75,000 square feet.
Crescent will seek LEED Gold certification when McKinney & Olive is completed in 2016. Its 20 stories will feature floorplates of 25,000 to 30,000 square feet.