Financing secured by HFF for 3 properties within the iconic Old Parkland campus in Dallas
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing for Woodlawn Hall, Reagan Place and West Lawn, three Class A office properties totaling 213,843 square feet within the iconic Old Parkland campus in Dallas.
Working on behalf of the borrower, Old Parkland Unit C, L.L.C., Old Parkland Unit D, L.L.C. and Old Parkland Unit G, L.L.C., affiliates of Crow Holdings, HFF placed the fixed-rate loan with Aegon USA Realty Advisors, LLC, a commercial real estate investment and management arm of Aegon Asset Management. Loan proceeds were used to pay off the existing debt on Woodlawn Hall and Reagan Place, which HFF arranged in 2012, and secure financing for the previously unencumbered West Lawn. HFF will also service the loan.
Woodlawn Hall, Reagan Place and West Lawn are situated within the 10-acre historic Old Parkland campus that was originally constructed in 1894 as a teaching hospital. Crow Holdings embarked on an extensive redevelopment of the former hospital in 2006 resulting in a one-of-a-kind office campus offering a unique atmosphere that incorporates first-class new buildings complementing the original and historic landmark structures. Situated at the corner of Oak Lawn and the Dallas North Tollway, the campus is within minutes of Downtown Dallas and is within close proximity to DFW International Airport and Dallas Love Field. Old Parkland is also proximate to the high-end residential areas of Highland Park and University Park and the shopping districts of West Village, the Dallas Arts District, the Dallas Design District and Victory Park. The park offers tenants numerous amenities including full-time security, conference facilities, fitness facilities, a squash court and basketball court, a massage room, outdoor fireplace, barbershop, and laundry/shoeshine services. Dining within the campus is available at The Commons and The Green Dragon Bar & Restaurant. Woodlawn Hall is a 33,193-square-foot, three-story building and Reagan Place is a four-story, 44,475-square-foot property. West Lawn contains three buildings: Parkland Hall, Oak Lawn Hall and Commonwealth Hall that total 136,175 square feet. All five of these buildings are fully leased. West Lawn also includes a 295-space below grade parking garage. Tenants are a mix of family offices, investment groups and hedge funds as well as several public foundations including Southwestern Medical Foundation, Children’s Medical Foundation and The Dallas Foundation.
According to HFF, Old Parkland, a vital part of the City of Dallas, is a visionary, generational asset featuring unparalleled amenities, stunning public spaces, elegant finishes and exclusive tenancy.
HFF’s debt placement team representing Crow Holdings was led by executive managing director Jody Thornton, senior managing director John Rose and associate director Chad Russell.
About Crow Holdings
Crow Holdings encompasses multiple operating businesses and signature properties. These operating businesses include Crow Holdings Capital – a registered investment advisor (RIA) comprised of private equity real estate funds and a diversified investment advisory firm – as well as Trammell Crow Residential (TCR) and Crow Holdings Industrial. The company’s signature properties include the Old Parkland Campus, the Anatole Hotel and Dallas Market Center – all located in Dallas – as well as the Windsor Court Hotel in New Orleans, Louisiana, and the International Trade Mart in Brussels, Belgium.
Although Crow Holdings’ foundation is deeply rooted in real estate development, the company made a strategic decision in 1988 to diversify a substantial portion of its portfolio into diversified investments. This provided a stable foundation for the company’s current and future initiatives, as well as an opportunity to share its decades of lessons learned with investors, partner families, business partners and associates.
About Aegon Asset Management
Aegon Asset Management is a global, active investment manager. Aegon Asset Management uses its investment management expertise to help its clients manage their financial future, with a focus on excellence, trust and partnership. Investors worldwide entrust Aegon Asset Management to manage more than $385 billion on their behalf.
Positioned for success in its chosen markets (North America, the UK, Continental Europe and Asia), Aegon Asset Management’s specialist teams provide high-quality investment solutions across asset classes. Its clients benefit from the leveraged international research capabilities and in-depth local knowledge of Aegon Asset Management, as well as Kames Capital, its UK investment team, and TKP Investments, its fiduciary and multi-manager investment team in the Netherlands.
Aegon Asset Management is part of Aegon, one of the world’s leading financial services organizations, providing life insurance, pensions and asset management.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.