High-profile Dallas office tower sells for $66 million
The Tower at Park Lane was previously sold for more than $100 million in 2017.
The Dallas Morning News
December 31, 2024
By Nicholas Wooten
One of the largest office properties up for grabs along U.S. Highway 75 has sold for $66 million.
Colorado-based Real Capital Solutions purchased The Tower at Park Lane, a 20-story, 509,818-
square-foot class-A office building in northern Dallas, the company announced Monday.
Real Capital Solutions plans to put approximately $13 million towards capital improvements at
the property. This includes upgrades to the building’s lobby and fitness center, the addition of
third-floor pre-built suites and enhanced back-of-house amenities.
Russell Ingrum and Patrick Benoist with CBRE brokered the sale.
The class-A office tower went on the market last year. The tower, known as Northpark Central
until recently, is across the street from the busy NorthPark Center shopping mall. Major tenants
in the high-rise as of last April included Topgolf, Match and Texas A&M-Commerce.
The half-million-square-foot silver-glass office tower was built in 1984 by Dallas developer and
NorthPark Center owner Raymond Nasher.
A unit of CBRE Global Investors has owned the tower since 2017. It’s estimated that the
investors purchased the property for more than $100 million at the time. The property was last
updated in 2019 with a café, fitness center and conference facilities, according to Dallas
Morning News archives.
The property is valued at $104 million for tax purposes, according to the Dallas Central
Appraisal District.
“This acquisition reflects our commitment to strategically acquire high-quality assets at a
substantial discount but with considerable upside potential in vibrant, mixed-use
environments,” Adam Abeln, Real Capital Solutions’ Chief Investment Officer, said in a
statement. “We are eager to implement our value-add approach to modernize and reposition
Tower at Park Lane to win the leasing wars and create a workplace that meets the evolving
needs of today’s tenants.”
Real Capital Solutions aims to work with partners and co-investors to acquire up to $1 billion in
distressed office loans and real estate across the U.S. in 2025. The company currently owns 80
properties with more than $2.4 billion of assets under management.
The Tower at Park Lane deal marks the real estate investment firm’s first office acquisition in
Dallas. As of Q3 2024, the office vacancy rate in Dallas-Fort Worth was 24.7%, according to data
from Cushman & Wakefield.
