Real Capital Solutions recently acquired a 509,000-square-foot office building in Dallas for $66 million. The Tower at Park Lane, located at 8750 North Central Expressway, is a class A office building situated in the Park Lane mixed-use district and features an attached six-story parking garage.
According to reports from the Dallas Business Journal, this purchase marks a significant decrease from the price paid for the property seven years ago. In 2017, CBRE Global Investors purchased the tower – which was built in 1984 – for over $120 million.
The new owner has plans to invest approximately $13 million into capital improvements for the building. These upgrades will include enhancements to both its lobby and fitness center as well as adding third-floor pre-built suites and back-of-house amenities. Last year saw The Tower at Park Lane being put on sale by its previous owners with notable tenants such as Topgolf, Texas A&M-Commerce and Match.com occupying space within it.
This recent acquisition by Real Capital Solutions has resulted in significant financial losses for previous investors of The Tower at Park Lane according to sources familiar with this transaction reported by Connect CRE.
