"The name on the door might be in trouble, but that doesn't meanthe unit inside is. Will there be some consolidations? Verypossibly," Michael Lewis, managing director for Crescent RealEstate Equities LP, says about the powerhouse tenant mix at 100,200 and 300 Crescent Court in Uptown. "The units here are stillmaintaining a good vibrant presence."

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The trophy asset's tenant roster includes Merrill Lynch & Co.Inc., Lehman Brothers Holdings Inc., Goldman Sachs GroupInc., BearStearns Cos. and naturally its owner, Morgan Stanley RealEstate Funds. Bank of America's stake in the Crescent is a retaillocation.

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To put the roster into perspective, New York Gov. DavidPaterson, intossing a lifesaver, to American International Group,pointed out two days ago Goldman Sachs and Morgan Stanley were theonly two left standing out of Wall Street's top five independentinvestment banks. In Dallas, AIG leases 175,000 sf in thePlaza of theAmericas at 600 N. Pearl St. in the CBD and the Centre at 4100Alpha Rd. in North Dallas.

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The Crescent today is 99% leased, of which roughly 70% of thetenants are financial institutions, hedge funds and high net-worthinvestors, Lewis tells GlobeSt.com. Of the reeling Wall Streetnames, Lehman occupies the most space--15,000 sf. None of thefinancial giants' leases are set to expire in the near term, butthe complex will be getting a 50,000-sf vacancy at year's end whenRosewood Property Co. moves to its new Uptown building at 2101 Cedar SpringsRd. Rosewood had a larger block, but one-third of its totalalready has been re-leased.

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Lewis says Rosewood's space plays out as more of an opportunitythan a loss. "We still have people trying to get in who can't," hesays. The Crescent's quoted rate hovers $40 per sf.

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Just like Lewis sees promise in the upcoming vacancy, he saysCrescent's financial tenants also are seizing opportunities tocourt their neighbors' seasoned talent. He cited a Bear Stearnsteam that moved to a competitor's camp without any down time andwithout leaving the building. "They just changed floors andoffices," he says. In addition, he says there's been "very littletalk" about sublease space or give-backs by the tenants inplace.

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Lewis believes the Dallas/Fort Worth economy, and Texas ingeneral, is hardy enough that troubled financial institutions mostlikely won't cut local teams free. "They're the units that areproducing and anybody would love to have the producers in theDallas buildings," he says. "This is Dallas, TX and we are doingwell."

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Lewis admits there is concern in the ranks, but most tenantshave said they are keeping eyes peeled for opportunities that mightarise from the debacle. "Some people's failures create otherpeople's opportunities. The good news is we're in Dallas andTexas," he says. "Are we affected? Yes. But not to the massiveextent that other parts of the country are. We're concerned aboutthe economy, but we're still conducting business and makingmoney."

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