Investors looking for a Class-A Dallas office building with staggering views of Central Expressway traffic is in luck. The rebranded Tower at Park Lane, the glass building just off the interstate with TopGolf displayed on it, is up for grabs.
CBRE acquired the 20-story building in 2017 and is now looking to offload the high profile office tower, according to a marketing brochure. No price information was listed but the taxable value of the 509,000-square-foot building was $115 million in 2022, according to the Dallas Central Appraisal District.
The tower is located at 8750 North Central Expressway next to the Shops at Park Lane and just across U.S. Highway 75 from NorthPark Center. The building is 7 miles north of downtown Dallas and a few blocks from high-end residential neighborhoods like Preston Hollow and University Park.
The building is 69 percent leased, and tenants include TopGolf, Match.com and Facebook. The building features amenities such as a cafe, fitness center and lounge.
CBRE purchased the tower from MassMutual Financial Group for an undisclosed amount, but reports at the time suggested a $100-million-plus price tag. The firm is marketing the building now as an opportunity to “reimagine an office asset as a mixed use workplace experience.”
Renderings in the marketing brochure show potential spaces to build outdoor amenity areas including golf simulators and pickleball courts. The building has “future development potential” for multifamily, hotel and retail, CBRE states.
CBRE, the world’s largest commercial real estate services and investment firm, moved its global headquarters to Dallas in 2020. A new headquarters for the company at 2401 McKinney Avenue in Uptown has been “indefinitely delayed.”
The commercial brokerage’s net income plummeted by 88 percent year-over-year in the fourth quarter of 2022, when the firm experienced a “slightly larger-than-expected decline in transactional revenue,” the earnings report stated. CBRE’s net income in 2022 fell by 23 percent.
DFW was named the top CRE market in the nation last year, and the city’s 10 largest office sales raked in over $1.58 billion. Post-pandemic, some office submarkets in North Texas have regressed, while areas like Far North Dallas, Irving and Uptown are on the rise.
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