GOFF CAPITAL PARTNERS ADDS ADDITIONAL PROPERTIES TO ITS WEST END HOLDINGS
Latest purchase includes 208 N. Market Street and two surface parking lots that serve West End buildings, downtown Dallas entertainment zone
FORT WORTH, TX, (April 4, 2016) – Goff Capital Partners, LP, in partnership with Long Wharf Real Estate Partners LLC, announced the purchase of 208 N. Market Street in the Historic West End District of downtown Dallas, adding to the partnership group’s creative office portfolio. The brick-and-timber office building contains approximately 60,000 square feet of rentable space and features prominent retail on the ground level. The building is located directly along the DART light rail with the West End Station adjacent to the main entrance, providing great accessibility to Dallas’ mass transit system.
The group also purchased two surface parking lots totaling 137 spaces that serve the West End buildings and the downtown Dallas entertainment district. The parking lots are located at 211 N. Austin Street and 704-708 Ross Avenue.
In November 2015, the partnership purchased three brick-and-timber office buildings in the Historic West End District totaling 182,844 square feet of creative office space. The purchase of 501 Elm Street, 211 Record Street and 800 Jackson Avenue, along with the latest purchase, addresses increasing customer demand for unique and modern creative office space within a highly amenitized and walkable environment. All four Historic West End District buildings were constructed in the early 1900s and have historic significance within the District. 208 N. Market Street was originally constructed in 1905 for the B.F. Avery & Sons Farm Implement Co.
Goff Capital Partners will engage Crescent Property Services LLC, a wholly-owned subsidiary of Crescent Real Estate Holdings LLC, to manage all four of the new properties while Peloton Commercial Real Estate will lease the office space and SHOP Companies will lease the retail space. Corgan, a leading architecture and design firm, will design common area and suite upgrades to address customer requirements for creative office environments that incorporate high-tech, flexible and open spaces.
“Technology, marketing and advertising firms were among the first to embrace creative office spaces,” said John Goff, managing principal of Goff Capital Partners, LP. “Today, our customers want unique office environments that include modern, comfortable open-office concepts.”
With the purchase of this additional share of the brick-and-timber office product in Dallas, Goff Capital Partners, Long Wharf and Crescent are appealing to the shift in Corporate America toward quality of life and quality of space, especially office buildings within “walkable & livable” neighborhoods. Historic West End is one of only three submarkets in Dallas that can offer this unique dynamic which appeals to the more than 1.9 million Millennials working in the Dallas market, according to Goff.
ABOUT GOFF CAPITAL PARTNERS
Goff Capital Partners, LP is an SEC registered investment advisor founded in 1998 by John Goff. Goff Capital Partners invests alongside institutional and ultra-high net worth clients in real estate and real estate related investment opportunities. Goff Capital Partners employs opportunistic, value-driven investment strategies across the capital structure, including direct property ownership, debt, equity,and securities investments. Goff Capital Partners current assets under management include office, industrial, retail and multifamily real estate, and commercial mortgage backed securities. The firm manages a portfolio of more than $1.0 billion in equity and debt investments including 1 million square feet of creative office space in Boulder and Denver, Colorado.
ABOUT LONG WHARF REAL ESTATE PARTNERS LLC
Long Wharf Real Estate Partners LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Investing on behalf of institutional clients, including public and corporate pension funds, endowments, foundations and family offices, Long Wharf utilizes a broad-based value-added strategy targeting opportunities in multiple property sectors and markets across the country. Including experience prior to becoming an independent firm in 2011, Long Wharf has invested in real estate transactions totaling nearly $9 billion in gross capitalization since 1995. Long Wharf owns creative office projects in the San Diego and Atlanta markets. For further information, visit: www.lwrep.com.
Crescent Real Estate Holdings LLC, headquartered in Fort Worth, Texas, is a fully-integrated real estate company owned by Goff Capital and Barclays Capital. Through its subsidiaries, Crescent manages and develops premier, Class A office buildings. Crescent also holds investments in resort residential developments in locations such as Scottsdale, Vail Valley, and Lake Tahoe; a luxury hotel, The Ritz-Carlton, Dallas; and the wellness lifestyle leader, Canyon Ranch®. For more information, visit crescent.com.