Crescent Real Estate is a private real estate investment, operating, and development firm based in Fort Worth, Texas. The company was founded in 1987 when John Goff and Richard Rainwater devised a strategy to acquire real estate debt and equity, primarily targeting office properties. This initial strategy formed the foundation for what became Crescent Real Estate Equities, which went public in 1994 through a $500 million initial public offering on the NYSE. In 2007, Morgan Stanley acquired Crescent for $6.5 billion, though Goff reacquired the company in 2009 through a joint venture with Barclays. By December 2017, Goff purchased Barclays' interest to become the principal owner. The firm operates through its GP Invitation Fund series, established in 2016 with Fund I raising $200 million in equity commitments, followed by Fund II with $250 million in 2019 and Fund III with $265 million in 2022. Crescent invests in office, hospitality, and multifamily properties across growth markets in the South and Southwest United States. The company's portfolio spans Dallas-Fort Worth, Denver-Boulder, and Raleigh, with notable assets including The Crescent in Dallas, Platte Fifteen in Denver, and The Ritz-Carlton Dallas.