Vijay Borra’s DFW Land Picks Up North Dallas Office Property

When the firm’s not amassing acreage along the Dallas North Tollway, Vijay Borra’s DFW Land is increasing its portfolio of Class B office properties.

The Dallas-based firm’s latest purchase is the Offices at Park Lane, at 8070 and 8080 Park Lane, according to a release from Newmark, which put together the deal. The property includes two buildings and totals 230,691 square feet of office space. The sale price was not disclosed.

Newmark’s Chris Murphy, Robert Hill, Gary Carr and Austin Sheahan represented the seller, Denver-based Northwood Investors. It purchased the property in 2010, deed records show.

The Offices at Park Lane were constructed in the 1970s, but were recently upgraded with a new conference center, tenant lounge, gaming area and furnished outdoor spaces, Newmark said. It was valued at $29.1 million for property tax purposes, appraisal data shows. The property is currently 66 percent leased and serves as corporate headquarters for Boka Powell, Curtainwall Design Consulting and Condon Tobin, according to the release.

The office buildings are part of The Shops at Park Lane, a 33.5-acre mixed-use district off U.S. Highway 75 about eight miles north of Downtown Dallas. The district features 540,000 square feet of retail space, including a Whole Foods, and more than 570 multifamily units.

Borra made news this summer when his firm picked up 112 acres in Celina. He plans to develop a mixed-use project at the site. He also made a similar purchase to Offices at Park Lane in September, when he bought the 10-story, 242,00-square-foot Corporate Point office tower in Las Colinas. It was built in 1981.

Commercial deal flow is on the rise across the nation, as institutional capital thaws. In the third quarter of this year, investment sales were up 19 percent, year-over-year, Newmark said.

Similarly, the Dallas-Fort Worth office market is slowly rebounding. Total vacancy inched down from 25.3 percent to 25 percent from the second quarter to the third quarter, according to a report from Partners Real Estate. The rate slid slightly from 25.1 percent to 25 percent between the third quarter of 2024 and the third quarter of this year. In addition, average office rents jumped 2.5 percent between the second and third quarters to $32.06 per square foot. Third quarter rents are up 4.8 percent, compared to the same period of last year, Partners said.