X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT WORTH-A year after stepping down as Crescent’s CEO, John Goff is almost done with an $8-million remodel of the 122,000-square-foot former Bombay Co. building. After he finishes transforming the former headquarters building into class A office space, his plans are to lease it up, hold it, and move on to other projects.

The building and its adjacent parking garage at 550 Baily Ave. was Goff’s first acquisition following his departure from Crescent, and he acknowledges that rolling up his sleeves and getting into the redevelopment has been a lot of fun.

“This is a bite-sized transaction for me,” Goff says. “I’ve had fun getting my hands dirty again with a single asset. This has been therapeutic.”

Goff acknowledges there has been positive interest and several opportunities for leases, which he declined. “I wanted to get through the renovations so people could get a better sense of the scope and quality we’re taking this to,” he explains. “The parties didn’t necessarily need to get in before the renovation was complete.” Jones Lang LaSalle Inc. has the leasing assignment.

Goff says though he has his eye on other assets, he’s also targeting debt purchase through Goff Capital Partners. In November 2007, when he left Crescent following its acquisition by Morgan Stanley Real Estate Funds, Goff’s plan was to take advantage of market opportunities and buy while the market was slow. But no one could have predicted the shape of the market a year later.

“We have credit markets that are frozen, and it’s creating a lot of dislocation of assets and credits,” Goff tells GlobeSt.com. “It’s also creating a lot of opportunity.” A stressed market is a favorite market for Goff. “I buy when there is a maximum amount of stress in the system,” he explains. “Most people would tell me ‘you’re crazy! What the heck are you doing?’, which was the response when I bought assets that eventually became Crescent.”

Though Goff declined to discuss specific debt or assets on which he has his eye, he did acknowledge he’s interested in all real estate categories on a nationwide basis for both debt and asset acquisition. Given the economy, “the length of time during which we have to acquire assets, or real estate debt at attractive prices is longer than we thought,” he says. “In 2009 we’ll continue to see debt opportunities.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.