Crow Holdings

Crow Holdings Capital is an investment management company of Crow Holdings.[13] It was registered in 2011 as a Registered Investment Advisor[14] to continue Crow Holdings private equity real estate fund business which was launched in 1998 with a $281 million fund.[15] As of 2018 Crow Holdings Capital managed $10 billion AUM.[16]

Trammell Crow Residential is the multifamily real estate development company of Crow Holdings.[6] 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. In 1997 TCR was the largest builder of apartments in the US.[17] TCR has been ranked one of the top ten largest apartment developers in the U.S. in 2014, 2015, 2016, 2017, 2018 and 2019.[18]

Crow Holdings Industrial was launched in 2013 to develop industrial facilities such as distribution, fulfillment, and last-mile logistics centers. Since 2013 it has developed about 60 properties and 23 million square-feet of industrial space for companies such as Amazon, Whole Foods, LG, and Williams Sonoma. During the fourth quarter of 2019 it had 8 million square-feet under construction and $275 million in property sales.[19]

In 2016 CHI opened an office in Southern California,[20] and in 2018 opened additional offices to cover the Midwest and Northeast of the United States.[21][22]

CHI is committed to the use of green warehouse standards, using green and recycled construction materials whenever possible, and the installation of LED lighting and EV car charging stations is typical of CHI projects.[19]

Crow Holdings Office (CHO), launched in January 2020, designs and builds office projects throughout the US.[11][23]

Trammell Crow built his first warehouse in Dallas, Texas in 1948,[24] forming the Trammell Crow Company (TCC). From its founding through the 1980s, TCC's primary business was the development and management of industrial, office and retail projects.[25]

By 1971, Trammell Crow was the biggest private landlord in the US, with over $1 billion in real estate.[26] 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,[27] warehouses[28] and hotels.[29] Trammell Crow held the position of CEO until 1977.[30][31]

In 1982 Trammell Crow Interests was established. TCI was headed by Trammell's son, Harlan Crow.[32] TCI is the predecessor of Crow Holdings.[33] By 1984 Trammell Crow was the biggest real estate developer in the U.S., with 140 million square feet of property in 73 cities.[34]

In 1997 the Trammell Crow Company went public, trading shares on the New York Stock Exchange.[35] At the time, TCC was one of the largest diversified commercial real estate services companies and the largest commercial property manager in the US.[36]

In 1998 Crow Family Holdings dropped “family” from the name of the private holding company.[37]

In 2006 Trammell Crow Company was sold to the CB Richard Ellis Group.[35]

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.[41][42]

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.[43]

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.[44] A second tower was added in 1984 which added 720 rooms.[45]

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.[46][47]

Trammell Crow developed the Trademart Brussels, Belgium, in 1973,[48] and opened it in 1975.[49][50][51]

In 1965, Trammell Crow and Mack Pogue founded Lincoln Property Company as a developer and manager of high-quality residential communities throughout the US. In 1977 Pogue purchased Trammell Crow's share in the company.[52]

In 1981, Trammell Crow founded Wyndham Hotel Corporation.[53] Wyndham merged with hotel REIT Patriot American Hospitality in 1998.[54] Patriot was later converted from a REIT to a corporation and renamed Wyndham International. Blackstone acquired Wyndham International in 2005.[55]

In 1993, Trammell Crow Residential spun off its Northeastern division to create Avalon Properties Inc, a REIT based in Wilton, Connecticut.[56][57] Avalon acquired properties from TCR Midwest and TCR Pacific Northwest in 1997 and 1998, respectively.[58] In 1998, Avalon merged with Bay Apartment Communities to create, AvalonBay Communities. It was the first bi-coastal multifamily REIT and, as of 2020 it was the largest apartment REIT in the country by equity market capitalization.[59][60]

In 1993, TCR combined its Atlanta, Dallas and Houston divisions, as well as Nashville assets to form REIT Gables Residential Trust. In 1998, it acquired TCR South Florida.[61] Gables Residential issued its IPO in 1994 Gables merged with Lion Gables Apartment Fund LP, in 2004, an investment fund managed by ING Clarion Partners and Lehman Brothers. It was then taken private under the name Lion Gables Apartment Fund LP.[62] Clarion acquired Gables Residential in 2015.[63]

In 1996, Homegate Hospitality, Inc., an extended-stay hotel chain, was founded by TCR, Greystar Capital Partners, L.P. and Crow Investment Trust, the real estate investment arm of the Crow Family.[61][64] In 1997, lodging company Prime Hospitality Corp. acquired Homegate Hospitality, Inc.[64]