Old Main Parkland HarlanCrow's preservation of the historic 1913 Parkland Hospital createdan impactful office campus.

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DALLAS—Dallas-based investment and development firm, CrowHoldings, recently formed a new company, Crow Holdings Office,specializing in the design and development of workplaceenvironments with top amenities and services. While initiallyfocused on Dallas where business growth and corporate relocationsprovide strong demand for new office space, Crow Holdings Officeplans to expand to other high-growth markets.

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"Today, talent wants and needs different things from theenvironment in which they work and employers recognize this byusing real estate as a competitive advantage to attract and retainthe best people," Michael Levy, chief executive officer of CrowHoldings, tells GlobeSt.com. "The definition of amenities hasevolved whereby people are searching for environments which providea myriad of services which support their busy professional andpersonal lives, curate events and offer intellectual contentprogramming, create flexibility for their ever-changing spatialneeds and promote collaboration and connection through engagingenvironments. At Crow Holdings, we have proven we can provide abespoke environment which companies are seeking by way of our OldParkland campus. We are excited about providing this type of uniqueexperience to a much wider audience, with a broader design anddevelopment mandate."

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Previously with CBRE, Cody Armbrister joins the firm as seniormanaging director to lead Crow Holdings Office activities. At CrowHoldings, Armbrister will be responsible for establishing CrowHoldings Office as a national office development company, sourcingand executing on new ground-up development opportunities.

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"We are launching Crow Holdings Office in response to the needsof a changing workforce, and our activities will be focused oncreating significant value by executing an opportunistic andbuild-to-core strategy," said Ken Valach, CEO of developmentcompanies Trammell Crow Residential, Crow Holdings Industrial andCrow Holdings Office. "Office real estate is an undeniablycompelling long-term opportunity for us. Cody's expertise andrelationships in this sector will allow him to not only immediatelyidentify opportunities in Dallas, but also establish CHO's presenceon a national platform."

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Trammell Crow developed his first high-rise office building inDallas in the late 1950s and went on to create much of the iconicDallas skyline, further enhancing his reputation as one of the mostrecognized US developers.

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Meanwhile, Crow Holdings Industrial announced its most activequarter to date, with record sales/leasing activity and more than 8million square feet under construction. Following a successful2019, the firm expects to break ground on an additional 10 millionsquare feet in 2020.

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In the fourth quarter of 2019, Crow Holdings Industrial signedmore than 1.7 million square feet of new leases across seven of thefirm's properties, including a full-building 930,000-square-footlease with LG Electronics in Franklin Township, NJ and a350,000-square-foot lease with Wholesome Sweeteners in Deer Park,TX.

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The firm also completed the sale of four properties totaling$275 million, reflecting its ability to drive value across thelifecycle from site identification and development through tolease-up, management and disposition. These sales included a1.1-million-square-foot class-A industrial warehouse in Lathrop, CAthat was completed in 2019 and is leased to Wayfair Inc., a homegoods company.

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The DFW market currently has 28.4 million square feet ofindustrial space under construction, according to a recent reportby Cushman & Wakefield. Development activity is focused onAlliance (9.8 million square feet), DFW Airport (5.2 million squarefeet) and Great Southwest (2.5 million square feet).

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During fourth quarter 2019, nearly 11 million square feet ofindustrial space was delivered, bringing year-to-date completionsto 24.4 million square feet.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.