JLL arranges $596M refinancing for The Crescent in Uptown Dallas

Rhea-AI Summary

JLL (JLL) arranged a $596 million refinancing for The Crescent, a 1.3 million-square-foot landmark mixed-use property in Uptown Dallas. The three-year, floating-rate CMBS loan was placed with Goldman Sachs and J.P. Morgan on behalf of Crescent Real Estate LLC. The Crescent is ~90% leased and has seen 57.1% rent growth in the submarket since 2014.

The asset includes three office towers (1,206,239 sq ft) and a 167,510-square-foot atrium with luxury retail, restaurants and adjacent hotel and spa amenities.

Positive

• $596M refinancing secured for The Crescent
• Property totals 1.3M sq ft of mixed-use space
• 90% leased to major financial and corporate tenants
• Loan placed with Goldman Sachs and J.P. Morgan
• Uptown submarket rent growth of 57.1% since 2014

Negative

• Three-year floating-rate CMBS loan creates refinancing risk at maturity
• Floating-rate structure increases interest-rate exposure over loan term

Key Figures

Refinancing amount: $596 million Total property size: 1.3 million square feet Office towers area: 1,206,239 square feet +5 more

8 metrics

Refinancing amount $596 million Refinancing for The Crescent office towers and atrium

Total property size 1.3 million square feet Landmark mixed-use property in Uptown Dallas

Office towers area 1,206,239 square feet The Crescent office towers with ground floor retail

Atrium building area 167,510 square feet Three-story atrium building with luxury retail and restaurants

Loan term Three-year Floating-rate CMBS loan for The Crescent

Occupancy 90% The Crescent leasing level to top financial and banking tenants

Rent growth 57.1% Uptown Dallas submarket rent growth since 2014

Capital Markets specialists More than 3,000 JLL Capital Markets specialists worldwide in nearly 50 countries

Market Reality Check

Price: $280.16 Vol: Volume 1,561,589 is 3.31x...

high vol

$280.16 Last Close

Volume Volume 1,561,589 is 3.31x the 20-day average of 471,864, indicating elevated trading activity. high

Technical Price 303.11 is trading above the 200-day MA at 291.58, despite a -12.46% daily move.

Peers on Argus

JLL fell -12.46% with heavy volume while 6 real-estate peers in the momentum sca...

6 Down

JLL fell -12.46% with heavy volume while 6 real-estate peers in the momentum scan also moved down (median move about -10.9%). Sector peers like CBRE and CIGI are similarly weak, pointing to broad real estate services pressure rather than a JLL-specific move.

Common Catalyst Sector-wide weakness in real estate services, with at least one major peer (CBRE) reporting earnings alongside broad negative momentum.

Historical Context

5 past events · Latest: Feb 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 05	Leadership appointment	Positive	+0.3%	New Head of Communications appointed to lead global strategy.
Jan 26	Investor briefing plan	Neutral	+0.9%	Announcement of 2026 Investor Briefing outlining multi-year strategy.
Jan 21	Corporate accolade	Positive	+3.0%	Named to Fortune’s 2026 World’s Most Admired Companies list.
Jan 14	Earnings call notice	Neutral	-1.7%	Scheduling details for Q4 2025 earnings release and conference call.
Jan 07	Leadership transition	Positive	+0.6%	New CEO for Americas Leasing Advisory and executive chairman transition.

Pattern Detected

Recent JLL corporate and reputation news (leadership, accolades, events) tended to see small, often positive price reactions. Today’s double‑digit sector-driven decline contrasts with that historically muted response pattern.

Recent Company History

Over the last few months, JLL news has focused on leadership changes, communications strategy, investor outreach, and corporate recognition. Appointments such as a new Head of Communications and Americas Leasing Advisory CEO, plus inclusion on Fortune’s “World’s Most Admired Companies” list, all saw modest moves, typically under 3%. An upcoming Investor Briefing and scheduled Q4 2025 earnings call were also announced. Against this backdrop, the current -12.46% drop stands out as notably larger than prior reactions to general corporate updates.

Market Pulse Summary

This announcement highlights JLL’s role in arranging a sizeable $596 million floating-rate CMBS refi...

Analysis

This announcement highlights JLL’s role in arranging a sizeable $596 million floating-rate CMBS refinancing for The Crescent, a 1.3 million-square-foot, 90%-leased mixed-use landmark in Uptown Dallas. The deal underscores ongoing capital markets activity in a submarket that has experienced 57.1% rent growth since 2014. In context with recent leadership and investor-relations updates, investors may watch future earnings and transaction pipelines to assess how such financings translate into fee revenue and advisory momentum.

Key Terms

cmbs loan, floating-rate, capital markets, net lease, +1 more

5 terms

cmbs loan financial

"three-year, floating-rate CMBS loan through Goldman Sachs and J.P. Morgan."

A CMBS loan is a commercial mortgage made to a business or landlord that is bundled with many other mortgages and sold to investors as a security. Think of it like a big mortgage split into many small slices that investors buy; the building owner’s payments determine how much investors receive. Investors care because the property’s income and value affect interest and principal payments, and problems like tenant loss or default can reduce returns.

floating-rate financial

"to secure the three-year, floating-rate CMBS loan through Goldman Sachs"

A floating-rate is an interest rate on a loan, bond or other debt that moves up or down over time based on a regularly published reference number, so the payments change as market rates change. For investors, that means income and interest costs track current market conditions—like a thermostat that adjusts with room temperature—offering protection when rates rise but adding uncertainty about future cash flow.

capital markets financial

"JLL's Capital Markets group announced today that it has arranged"

Capital markets are places where people and organizations buy and sell long-term investments like stocks and bonds. They help connect those who need money to grow or fund projects with investors looking to earn returns over time. For investors, capital markets are important because they offer opportunities to invest, save, and grow their wealth through a variety of financial assets.

net lease financial

"loan sales, equity & fund placement, net lease, derivative advisory"

A net lease is a real estate lease in which the tenant pays some or all property expenses—such as taxes, insurance and maintenance—in addition to base rent, so the landlord receives a steadier stream of income with fewer variable costs. For investors, net leases can behave like a bond: they offer predictable, long-term cash flow and lower property-management risk, but the investor still faces vacancy, credit and market-value risks.

derivative advisory financial

"net lease, derivative advisory and energy & infrastructure advisory."

Advisory about derivatives covers professional guidance or official guidance on financial contracts whose value comes from something else—like stocks, bonds, interest rates or commodities. It matters to investors because these contracts can greatly increase both potential gains and losses and can change a company’s reported risk and cash flow; clear advice helps people understand pricing, legal rules, and how a strategy could affect a portfolio, like a coach explaining a complex play before a game.

AI-generated analysis. Not financial advice.

The landmark mixed-use property is home to trophy office space and some of the city's top luxury retailers and restaurants

DALLAS, Feb. 12, 2026 /PRNewswire/ -- JLL's Capital Markets group announced today that it has arranged a $596 million refinancing for the office towers and atrium building at The Crescent, a landmark mixed-use property totaling 1.3 million square feet in the heart of Uptown Dallas, Texas.

JLL worked on behalf of Crescent Real Estate LLC to secure the three-year, floating-rate CMBS loan through Goldman Sachs and J.P. Morgan.

The Crescent is one of Dallas' most iconic real estate landmarks, consisting of The Cresent office towers, which are three world-class office towers with ground floor retail totaling 1,206,239 square feet and the atrium building, a 167,510-square-foot, three-story building that is home to some of the top luxury retailers and restaurants in the city. Originally built in the 1980's, The Crescent has been substantially renovated in the last five years and is surrounded by quality amenities, including the Hotel Crescent Court and The Spa at The Crescent, a full-service fitness center, eleven restaurants, luxury shopping, an art gallery and two salons.

Commonly referred to as "The Wall Street of Dallas", The Crescent is 90% leased to top tenants such as Jeffries, BankUnited, BMO Harris Bank, Wells Fargo, PNC Bank, Raymond James, UBS and more.

The property sits in the heart of Uptown Dallas at 100, 200, 300 and 500 Crescent Court. Uptown has flourished over the last four decades into the highest performing submarket in Dallas, surrounded by Dallas' most densely populated and affluent neighborhoods, including Highland Park, University Park, Lakewood and Preston Hollow. The submarket has seen tremendous rent growth of 57.1% since 2014, which will continue as the scarcity of Tier 1 office product accelerates.

JLL's Capital Markets Debt Advisory team representing the borrower was led by Executive Managing Director Trey Morsbach, Senior Managing Director Jim Curtin and Director Christopher Pratt.

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The team's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL's Capital Markets group has more than 3,000 specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL's newsroom. 

About Crescent Real Estate LLC
Crescent Real Estate LLC (Crescent) is a real estate operating company and investment advisor, founded by Chairman John C. Goff, with assets under management, development, and investment capacity of more than $10 billion.  Through the GP Invitation Funds, Crescent acquires, develops and operates all real estate asset classes alongside institutional investors and high net worth clients. Crescent's premier real estate portfolio consists of Class A, creative office and life sciences, multifamily, hospitality, industrial, and senior living assets located throughout the U.S., including The Ritz-Carlton, Dallas. For more information, visit www.crescent.com. 

About JLL 
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com. 

Contact: Kristen Murphy, JLL Director, Public Relations
Phone: +1 617 543 4873  
Email: kristen.murphy@jll.com

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SOURCE JLL

FAQ

What refinancing did JLL (JLL) arrange for The Crescent on February 12, 2026?

JLL arranged a $596 million three-year, floating-rate CMBS refinancing for The Crescent. According to JLL, the loan was placed through Goldman Sachs and J.P. Morgan on behalf of Crescent Real Estate LLC.

How large is The Crescent property covered by JLL's $596M refinancing (JLL)?

The Crescent totals about 1.3 million square feet, including office towers and an atrium building. According to JLL, the property comprises 1,206,239 sq ft of offices plus a 167,510-square-foot atrium with retail and restaurants.

What lease profile does The Crescent have after the refinancing arranged by JLL (JLL)?

The Crescent is approximately 90% leased to tenants including major banks and financial firms. According to JLL, notable occupants include Jefferies, BMO Harris, Wells Fargo, UBS and others.

Who arranged and led JLL's Capital Markets team on the The Crescent refinancing (JLL)?

JLL's Debt Advisory team was led by Trey Morsbach, Jim Curtin and Christopher Pratt. According to JLL, these executives represented the borrower in arranging the CMBS loan.

What are the potential risks of the three-year, floating-rate loan JLL placed for The Crescent (JLL)?

The short three-year term could require refinancing at maturity, creating rollover risk for owners. According to JLL, the loan is floating-rate CMBS, which raises sensitivity to rising interest rates during the term.

How has Uptown Dallas performed where The Crescent is located, per JLL (JLL)?

Uptown Dallas has been the highest-performing submarket with 57.1% rent growth since 2014. According to JLL, growth has been driven by scarcity of Tier 1 office product and affluent nearby neighborhoods.