Real Capital Solutions has recently acquired The Tower at Park Lane, a 509,000-square-foot office building in Dallas. Located at 8750 North Central Expressway, this class A property is situated in the bustling Park Lane mixed-use district and features a six-story attached parking garage.
According to the Dallas Business Journal, Real Capital Solutions was able to secure this prime property for $66 million – significantly lower than its previous sale price seven years ago. Originally built in 1984 and previously owned by CBRE Global Investors who purchased it for over $120 million in 2017.
As part of their investment strategy, Real Capital Solutions plans to allocate approximately $13 million towards capital improvements including upgrades to the lobby and fitness center. This will also cover expenses for new third-floor pre-built suites as well as back-of-house amenities. The highly sought-after North Dallas tower was listed on the market last year with notable tenants such as Topgolf,Texas A&M-Commerce,and Match.com occupying its space.
This recent acquisition marks a significant move by Real Capital Solutions within the competitive Dallas office market despite taking a hit on their initial purchase price.
