Crow Holdings

Crow Holdings is a privately owned real estate investment and development firm based in Dallas, Texas, US, which has been operating since 1948.[3][4] Originally founded by Trammell Crow, the firm was expanded under the direction of his son, Harlan Crow, Chairman and former CEO. As of 2018, the company managed $18 billion in capital and employed 450 people through its operating businesses in locations throughout the US.[5][6]

Not to be confused with Trammell Crow Company.
Crow Holdings
Privately held company
IndustryReal estate
Founded1948 (1948)
FounderTrammell Crow, Harlan Crow
HeadquartersDallas, Texas, United States
Key people
Michael Levy, CEO
Harlan Crow, Chairman [1]
AUM$10.1 billion (2019) [2]
Websitecrowholdings.com

Business

Founder Trammell Crow began developing real estate at the end of World War II. Since then, Crow Holdings has been an active investor and/or developer in industrial, multifamily, office, retail, mart, land and hotel real estate businesses in the US, Europe and South America. Crow Holdings also holds stakes in privately held businesses and other financial assets.[7]

Crow Holdings consists of three companies - Crow Holdings Capital, Trammell Crow Residential, and Crow Holdings Industrial – and maintains a broad portfolio of investments including various signature properties including Old Parkland office campus, the Anatole Hotel, the Dallas Market Center, The Brussels Trade Mart and Windsor Court in New Orleans.[8]

Crow Holdings Capital

Crow Holdings Capital is the investment management company of Crow Holdings.[9] It was registered in 2011 as a Registered Investment Advisor[10] to continue Crow Holdings private equity real estate fund business which was launched in 1998 with a $281 million fund.[11] As of 2018 Crow Holdings Capital managed $10 billion AUM.[12]

Trammel Crow Residential

Trammell Crow Residential is the multifamily real estate company of Crow Holdings.[5] Founded in 1978, TCR develops multifamily real estate projects in major markets across the U.S. During its 40-year history it has built over 275,000 multifamily residences.[13] In 1997 TCR was the largest builder of apartments in the US.[14] TCR has been ranked one of the top ten largest apartment developers in the U.S. in 2014, 2015, 2016, 2017, 2018 and 2019.[15]

Crow Holdings Industrial

Crow Holdings Industrial developed over 15 million square feet of industrial space between 2012 and 2019.[5][16] In 2016 CHI opened an office in Southern California,[17] and in 2018 opened additional offices to cover the Midwest and Northeast of the United States.[16][18]

History

1948-1979

Trammell Crow built his first warehouse in Dallas, Texas in 1948.[19] By 1971, Trammell Crow was the biggest private landlord in the USA, with over $1 billion in real estate.[20] In 1976 and 1977 the company re-organized into three separate but connected entities: the Trammell Crow Company for commercial development; the Trammell Crow Residential Companies for residential development; and Crow Family Holdings, which included the Dallas Market Center,[21] warehouses[22] and hotels.[23] Trammell Crow held the position of CEO until 1977.[24][25]

1980s

In 1982 Trammell Crow Interests was established. TCI was headed by Trammell's son, Harlan Crow.[26] TCI is the predecessor of Crow Holdings.[27] By 1984 Trammell Crow was the biggest real estate developer in the U.S., with 140 million square feet of property in 73 cities.[28]

1990s

In 1993, Trammell Crow Residential spun off its Northeastern division to create Avalon Properties Inc, a REIT based in Wilton, Connecticut.[29] Also in 1993, executives from Trammell Crow Residential formed Gables, which expanded further in 1998 by acquiring TCR South Florida.[30]

In 1997, BRE Properties acquired the western US assets and operations of TCR, effectively merging TCR-West and BRE to create a regional residential REIT.[31]

In 1997 the Trammell Crow Company went public, trading shares on the New York Stock Exchange.[32] In 1998 Crow Family Holdings dropped “family” from the name of the private holding company.[33]

2000s

In 2002 Crow Holdings Industrial Trust was sold as a portfolio of properties to Clarion, which formed the beginnings of the Lion Industrial Trust.[34]

In 2006 Trammell Crow Company was sold to the CB Richard Ellis Group.[32]

In 2010 Crow Holdings formed the Mill Creek Residential Trust, LLC to develop, operate and buy apartments in major US metropolitan areas. In 2018 the Arizona State Retirement System purchased a 50% stake in Mill Creek Residential Trust.[35]

Management team

Harlan Crow was CEO of Crow Holdings until 2017, remaining as chairman of the board. Anne Raymond was managing director of Crow Holdings until 2017 and is a member of the board.[36] Michael Levy became CEO of Crow Holdings in November, 2017.[5][37][36] Ken Valach is the CEO of Trammell Crow Residential and Crow Holdings Industrial.[18] Bob McClain is CEO and head of the Real Estate Investment Committee for Crow Holdings Capital.[38]

Selected properties

Old Parkland

Parkland Hospital was built in 1894, but fell into disrepair after the hospital relocated in 1954.In 2006 Crow Holdings redeveloped the property to office space, renaming it Old Parkland. In 2009 the company moved its headquarters into the renovated building.[39][40]

Windsor Court Hotel

In 2009 the company purchased the luxury Windsor Court Hotel in New Orleans, Louisiana. The hotel was built in 1984 and is known for its Anglophilic styling.[41]

Anatole Hotel

Trammell Crow was the original developer of the Anatole Hotel in 1979. At the time it was the largest hotel in North Texas, with 900 rooms.[42] A second tower was added in 1984 which added 720 rooms.[43]

Dallas Market Center

In March 2015, Crow Holdings paid $140 million to buy the Dallas Market Center complex, purchased from CNL Lifestyle Properties, Inc., which co-owned the property with Crow Holdings since 2005. Trammell Crow had first developed the market center in 1957. [44] [45]

Brussels International Trade Mart

Trammell Crow developed the Brussels International Trade Mart in 1973,[46] and opened it in 1975.[47][48][49]

References
  1. "Harlan R. Crow". Bloomberg. Retrieved 31 December 2019.
  2. "Crow Holdings Capital". Investor.com. 31 December 2019. Retrieved 31 December 2019.
  3. "Company Overview of Crow Family Holdings". Bloomberg. Retrieved 1 December 2015.
  4. Martin, Douglas (2009-01-15). "Trammell Crow, Innovative Developer, Dies at 94". The New York Times. ISSN 0362-4331. Retrieved 2019-10-02.
  5. "Why You Need to Know Michael Levy". D Magazine. Retrieved 2019-10-02.
  6. "Crow Holdings paying $140 million to gain sole ownership of Dallas Market Center". Dallas News. 2015-03-12. Retrieved 2019-10-02.
  7. Sobel, Robert (7 October 2019). Trammell Crow, Master Builder. John Wiley & Sons. ISBN 978-0471613268.
  8. "Crow Holdings". crowholdings.com. Retrieved 7 October 2019.
  9. Martin, Douglas (2009-01-15). "Trammell Crow, Innovative Developer, Dies at 94". The New York Times. ISSN 0362-4331. Retrieved 2019-10-16.
  10. "Crow Holdings Capital Review 2019". investor.com. Retrieved 2019-10-16.
  11. "Crow Holdings Capital Closes Crow Holdings Realty Fund VI at $1B, Makes 15 Investments". www.cpexecutive.com. Retrieved 2019-10-16.
  12. "Internet-resistant retail — A contrarian approach" (PDF). Crow Holdings Capital-/Real Estate. November 2018.
  13. "Alameda Point Partners Announces Request for Qualifications for Public Art Locations within Site A at Alameda Point - Press Release - Digital Journal". www.digitaljournal.com. Retrieved 2019-10-16.
  14. Myerson, Allen R. "Trammell Crow Heir Rebuilds Family Empire // Third Son Digs Out From Rubble of Real Estate Crash". Tulsa World. Retrieved 2019-10-16.
  15. "2019 Developer List". www.nmhc.org. Retrieved 2019-10-16.
  16. June 26, John Jordan |; AM, 2019 at 07:03. "National Developer Crow Holdings Industrial Breaks Ground on First Project in New Jersey". GlobeSt. Retrieved 2019-10-16.
  17. "CoStar's People of Note (June 10) CBRE Announces Global Executive Leadership Changes – Find Orange County Homes!". Retrieved 2019-10-16.
  18. "Crow Holdings Industrial Appoints New Managing Director". www.cpexecutive.com. Retrieved 2019-10-16.
  19. Martin, Douglas (2009-01-15). "Trammell Crow, Innovative Developer, Dies at 94". The New York Times. ISSN 0362-4331. Retrieved 2019-11-12.
  20. Aldrich, Nelson W. (1988-11-01). "The Real Art Of The Deal". Inc.com. Retrieved 2019-11-12.
  21. "Crow Holdings paying $140 million to gain sole ownership of Dallas Market Center". Dallas News. 2015-03-12. Retrieved 2019-11-12.
  22. Maturi, Richard (12 August 2014). "Trammell Crow Revolutionized Real Estate Industry". Investor's Business Daily. Retrieved 2019-11-12.
  23. "Dallas' Crow Holdings buys landmark Denver hotel". Dallas News. 2014-03-05. Retrieved 2019-11-12.
  24. KLEINER, DIANA J. (2010-06-15). "TRAMMELL CROW COMPANY". tshaonline.org. Retrieved 2019-11-12.
  25. "History of Trammell Crow Company – FundingUniverse". www.fundinguniverse.com. Retrieved 2019-11-12.
  26. Pinder, Jeanne B. (1993-08-30). "Trammell Crow, Alive but Humbled". The New York Times. ISSN 0362-4331. Retrieved 2019-11-19.
  27. Sobel, Robert (1989). Trammell Crow, master builder. John Wiley & Sons. ISBN 9780471613268.
  28. "The Men Who Left the Crow's Nest". D Magazine. Retrieved 2019-11-19.
  29. Journal, David D. KirkpatrickStaff Reporter of The Wall Street (1997-12-24). "Trammell Crow in Talks to Sell Thousands of Florida Holdings". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-01-13.
  30. "History of Gables Residential Trust – FundingUniverse". www.fundinguniverse.com. Retrieved 2020-01-13.
  31. News, Deseret (1997-10-01). "BRE Properties to buy Trammell Crow assets". Deseret News. Retrieved 2020-01-13.
  32. Martin, Douglas (2009-01-15). "Trammell Crow, Innovative Developer, Dies at 94". The New York Times. ISSN 0362-4331. Retrieved 2019-12-01.
  33. Journal, Dagmar AalundStaff Reporter of The Wall Street (1998-06-03). "Trammell Crow's Chief Strives To Change Firm's Reckless Ways". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-12-01.
  34. Journal, Dean StarkmanStaff Reporter of The Wall Street (2002-10-16). "ING Unit to Buy Crow Holdings For About $680 Million Plus Debt". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-12-31.
  35. Lim, Dawn. "Arizona Pension Buys 50% Stake in Real-Estate Manager Mill Creek". WSJ. Retrieved 2019-12-31.
  36. Myerson, Allen R. (December 1996). "More Than a Chip Off the Building Block". The New York Times. Retrieved 1 December 2015.
  37. "Dallas real estate firm Crow Holdings has a new CEO". Dallas News. 2017-11-16. Retrieved 2019-11-04.
  38. Schein, Jonathan A. (November 2018). "Internet-resistant retail-A contrarian approach" (PDF). Retrieved 4 November 2019.
  39. "Behind the Gates of Old Parkland". D Magazine. Retrieved 2019-12-16.
  40. "What's the history behind Dallas' Old Parkland on Maple Avenue? Curious Texas turns back time". Dallas News. 2019-01-25. Retrieved 2019-12-16.
  41. Times-Picayune, Jaquetta White, The. "Windsor Court Hotel sold to partnership led by The Berger Company". NOLA.com. Retrieved 2019-12-16.
  42. "Dallas' landmark Anatole Hotel is celebrating its 40th birthday this year". Dallas News. 2019-01-30. Retrieved 2019-12-16.
  43. Gerem, Yves (2004). Marmac Guide to Dallas. Pelican. p. 143. ISBN 1589801997.
  44. "Crow Holdings paying $140 million to gain sole ownership of Dallas Market Center". Dallas News. 2015-03-12. Retrieved 2019-12-16.
  45. Brown, Steve. "Crow Holdings paying $140 million to gain sole ownership of Dallas Market Center". Dallas News. Retrieved 1 December 2015.
  46. "Brussels International Trade Mart Ltd & Co Sprl". www.bloomberg.com. Retrieved 2019-12-16.
  47. "dVO – Nieuws – BRUSSELS INTERNATIONAL TRADE MART LTD. & C° B.V.B.A." www.dvo.be. Retrieved 2019-12-16.
  48. Maturi, Richard (8 December 2014). "Trammell Crow Revolutionized Real Estate Industry". Investor's Business Daily. Retrieved 16 December 2019.
  49. "Trade Mart in trek bij Chinezen". www.bruzz.be (in Dutch). Retrieved 2019-12-16.
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