Provident Realty Buys North Dallas Office for Future HQ

Owner-user deals that have become popular in Houston are spreading north to Dallas.

Provident Realty Advisors is the latest company to choose office ownership over leasing in the acquisition of One Lincoln Park, a 10-story office building at 8401 North Central Expressway near Northwest Highway. The Dallas Morning News first reported the trade, citing Dallas County deed records.

The firm described the property as “our future home” in a LinkedIn post announcing the deal, signaling plans to occupy the building rather than treat it as a pure investment play, a trend that has been playing out elsewhere in the Texas Triangle, specifically Houston.

Owner-user deals — meaning deals where the business using the space buys the property rather than leasing it — have boosted Houston’s sluggish office sector, where depressed values make buying more appealing than leasing.

The seller was Dallas-based Triumph Financial, which bought the property just last year with plans to make it its own headquarters. The transaction closed Dec. 17. A purchase price was not disclosed, though the Dallas Central Appraisal District values the 257,000-square-foot building at nearly $56.6 million.

Colliers executive vice president Jack Crews led the brokerage team that assisted Provident in the acquisition.

Triumph’s quick flip underscores the opportunistic churn still shaping the Dallas-Fort Worth office market. The financial holding company, whose portfolio includes TriumphPay, Triumph and TBK Bank, acquired the property in 2024 in an off-market, all-cash deal after Atlanta-based Piedmont Office Realty Trust owned it for roughly a decade. Piedmont sold the building for $54 million.

At the time of Triumph’s purchase, the building was just 12 percent occupied, according to Colliers data. Triumph began clearing out tenants as part of a plan to reposition the 1999-vintage property — which was renovated in 2022 — ahead of a headquarters move-in slated for 2026.

But market interest intervened. As conditions improved, the company decided selling was in its best interest.

“While our initial plan was to make it our headquarters, we received significant interest from potential buyers during the preparation phase,” Triumph Financial said in a statement.

Provident’s buy comes as the DFW office market shows signs of stabilization, though the recovery remains uneven. Leasing activity picked up last quarter, helping push the region’s overall vacancy rate down 30 basis points to 25 percent, according to Partners Real Estate’s third-quarter 2025 report.

That momentum has largely favored newer, well-located buildings, reinforcing a flight-to-quality trend that continues to punish older stock and downtown submarkets. Downtown Dallas posted a 27.2 percent vacancy rate, the second-highest of any U.S. downtown, The Wall Street Journal reported.

— Eric Weilbacher