The $66M price tag is a substantial drop from when CBRE bought the building in 2017.
DALLAS — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
Tower at Park Lane has sold for $66 million.
The 20-story, 509,818-square-foot office tower along U.S. Highway 75 in Dallas was purchased by Colorado-based Real Capital Solutions, according to a Dec. 30 announcement.
The new owner plans to invest roughly $13 million in capital improvements such as upgrades to the lobby and fitness center. It will also go toward the addition of third-floor pre-built suites and back-of-house amenities.
The North Dallas tower hit the market last year. Formerly known as NorthPark Central, the building’s location along U.S. 75 has attracted major tenants including Topgolf, Texas A&M-Commerce and Match.com. Tower at Park Lane is also close to shopping destinations Shops at Park Lane and NorthPark Center.
The tower was built in 1984 by legendary Dallas developer Raymond Nasher, who also created NorthPark Center. CBRE Global Investors purchased the building in 2017 for a price tag sources pegged at more than $120 million.
Real Capital Solutions Chief Investment Officer Adam Abeln called the acquisition a reflection of “our commitment to strategically acquire high-quality assets at a substantial discount but with considerable upside potential …”
The purchase of the Tower at Park Lane at 8750 N. Central Expy. marks the Colorado firm’s first office acquisition in Dallas. Russell Ingrum and Patrick Benoist with CBRE brokered the sale.