Pillar Commercial and Ascent Real Estate Advisors have acquired Rambler Park, a 310,943-square-foot, 14-story office tower located in northern Dallas. The institutional seller, Equus, exited its position in the property as part of the transaction. The parties did not disclose the purchase price.
Rambler Park is an office asset originally delivered in 1981. The tower offers a range of on-site amenities, including a fitness center, conference facilities, tenant lounges and an on-site food service operator. The combination of these features positions the building as a full-service office environment within its submarket.
The Rambler Park acquisition continues a multi-year ownership cycle for the asset involving the same group of investors. According to Commercial Edge, Equus previously acquired the property from Ascent Real Estate Advisors in 2018, financing that earlier purchase with a $38,500,000 loan from Regions Bank. With the latest transaction, Ascent has returned to the ownership group, this time partnering with Pillar Commercial.
Financing for the current acquisition was arranged by JLL. JLL professionals Brian Carlton and De’On Collins secured First Bank as the lender for the new acquisition financing. Specific terms of the loan were not disclosed, but the mandate covered the debt capital required to support the Pillar and Ascent investment in Rambler Park.
The Rambler Park deal marks the second joint investment for Pillar Commercial and Ascent Real Estate Advisors in the Dallas-area office market. In 2019, the partners acquired 2703 Telecom, a 121,000-square-foot flex office property in Richardson, Texas. They subsequently sold that asset within 18 months of acquisition after bringing occupancy to 100 percent, demonstrating an ability to execute a value-creation and disposition strategy on a relatively short timeline.
Beyond their joint ventures, Pillar Commercial and Ascent Real Estate Advisors have each been active owners of office properties in the same region. Their track records there include ownership of Meadow Central, Meadow Park Tower, Search Plaza and 6500 Greenville. The latest Rambler Park transaction adds another multi-tenant office tower to that history of investment in Dallas-area office assets.
