Real Capital Solutions made its first Dallas purchase as part of a strategy to pick up $1 billion in distressed office property.
The firm bought the 510,000-square-foot Tower at Park Lane for $66 million, or just under $130 per square foot. The property is valued for tax purposes at $104 million, according to appraisal district records.
The seller is a unit of CBRE Global Investors. CBRE’s Russell Ingram and Patrick Benoist brokered the sale.
Real Capital Solutions plans to spend $13 million renovating the property, specifically the lobby and fitness center. It will also add spec suites on the third floor.
Current tenants include Texas A&M University-Commerce, Match.com and TopGolf. Both Texas A&M and TopGolf are expanding their footprints at the building, according to a news release.
The 20-story property, at 8750 North Central Expressway, is in the Park Lane mixed-use development. The Park Lane development also includes apartment complex The Heights.
It’s been on the market since early 2023, the Dallas Morning News reported.
Originally called NorthPark Central, it was built in 1984 by Dallas developer Raymond Nasher. He also developed NorthPark Center, which is just across the street from Tower at Park Lane.
NorthPark Center is the largest mall in Dallas-Fort Worth. The 1.9 million-square-foot mall received $650 million in fresh financing earlier this year. J.P. Morgan Asset Management and North Park Management Company plan to spend $71.4 million in capital improvements at the property over the next five years.
The Tower at Park Lane purchase is part of Real Capital Solutions’ effort to target distressed office property in 2025 — to the tune of $1 billion.
Midway through the year, the Dallas office market’s vacancy had risen to 25.6 percent, from 24.7 percent a year before, according to Partners Real Estate.