Veteran Commercial Developers Join Crescent Resources
Atlanta, August 16, 2007 … Crescent Resources, LLC has hired two veteran commercial developers to help lead its commercial division. Patrick Henry and Joe McGorrey will join the company officially August 13. Henry will serve Crescent as senior vice president of the Mid-South and Carolinas region and chief development officer for the commercial division. McGorrey joins Crescent as vice presidents of development.
“With their depth and breath of experience, Pat and Joe will significantly enhance and expand our development capabilities in the office, industrial and build-to-suit markets,” said Dan Kohlhepp, president of the commercial division.
Henry’s move follows a 21-year career at Trammell Crow Company where he most recently served as a senior managing director and president of its Mid-South development operations. In this capacity, Henry has guided the firm through more than $1 billion in project development work throughout the Southeast including such projects as the Proscenium office tower in Midtown Atlanta; Summit Distribution Center in Memphis; Historic Westside Village, a mixed-use, residential community in downtown Atlanta; West Oak Center in Marietta; and, Duke Medicine Plaza in Raleigh. Henry is a graduate of Auburn University and Emory University’s Goizuetta Business School.
McGorrey joins Crescent following a 14-year career as a principal at Trammell Crow Company where he directed multiple project pursuits including Satellite Distribution Center in Atlanta; The United States Bankruptcy Courthouse in Mississippi; and build-to-suit projects for corporate customers throughout the region. McGorrey is a graduate of Drexel University and a licensed CPA, and has previously worked for Ernst and Young.
“The addition of Pat and Joe broadens our already strong commercial development team,” said Arthur W. Fields, president and chief executive officer of Crescent Resources. “Our commercial division has consistently contributed to our company’s success and we have even higher expectations of it today.”
“Crescent has a tremendous platform as a joint venture of Duke Energy and Morgan Stanley Real Estate Fund,” said Henry. “Joining the company now presents a huge opportunity to help build a dominant organization in commercial real estate. Joe and I have had an outstanding experience with Trammell Crow and its parent, CBRE, so it is with mixed feelings that we embrace this opportunity.”
Crescent Resources’ commercial division develops mixed-use developments, office and industrial parks and neighborhood retail centers. It had developed build-to-suit developments and corporate headquarters for entities such as Piedmont Natural Gas, Nissan Motor Company North America and the Environmental Protection Agency. Two of its most well-known urban, mixed-use developments are Potomac Yard in northern Virginia and Piedmont Town Center in Charlotte. In addition, the commercial division has developed numerous neighborhood shopping centers throughout the Carolinas and Florida and more than 15 million square feet of office and industrial space in cities such as Charlotte; Nashville, Tenn.; Tampa, Fla.; Orlando, Fla.; Atlanta; and the Washington, D.C. area.
Crescent Resources, LLC is a land management and real estate development company with interests in 10 states in the southeastern and southwestern United States. Based in Charlotte, N.C., Crescent Resources is a joint venture between Duke Energy, Morgan Stanley Real Estate Fund (MSREF) V U.S., and the company’s management. Established in 1969, Crescent creates mixed-use developments, award-winning country club communities, single-family neighborhoods, apartment and condominium communities, Class A office space, business and industrial parks and shopping centers.
