Crow Holdings is a privately ownedreal estate investment and development firm based in Dallas, Texas, US, which has been operating since 1948. 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.
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. 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.
Trammell Crow Residential is the multifamily real estate company of Crow Holdings. 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. TCR has been ranked one of the top ten largest apartment developers in the U.S. in 2014, 2015, 2016, 2017, 2018 and 2019.
Crow Holdings Industrial
Crow Holdings Industrial developed over 15 million square feet of industrial space between 2012 and 2019. In 2016 CHI opened an office in Southern California, and in 2018 opened additional offices to cover the Midwest and Northeast of the United States.
History
1948-1979
Trammell Crow built his first warehouse in Dallas, Texas in 1948. By 1971, Trammell Crow was the biggest private landlord in the USA, with over $1 billion in real estate. 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, warehouses and hotels. Trammell Crow held the position of CEO until 1977.
1980s
In 1982 Trammell Crow Interests was established. TCI was headed by Trammell's son, Harlan Crow. TCI is the predecessor of Crow Holdings. By 1984 Trammell Crow was the biggest real estate developer in the U.S., with 140 million square feet of property in 73 cities.
1990s
In 1993, Trammell Crow Residential spun off its Northeastern division to create Avalon Properties Inc, a REIT based in Wilton, Connecticut. Also in 1993, executives from Trammell Crow Residential formed Gables, which expanded further in 1998 by acquiring TCR South Florida. 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. In 1997 the Trammell Crow Company went public, trading shares on the New York Stock Exchange. In 1998 Crow Family Holdings dropped “family” from the name of the private holding company.
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. In 2006 Trammell Crow Company was sold to the CB Richard Ellis Group. 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.
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. Michael Levy became CEO of Crow Holdings in November, 2017. Ken Valach is the CEO of Trammell Crow Residential and Crow Holdings Industrial. Bob McClain is CEO and head of the Real Estate Investment Committee for Crow Holdings Capital.
Selected properties
Old Parkland
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.
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.
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. A second tower was added in 1984 which added 720 rooms.
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.
