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 “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.”

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