A Colorado-based company has purchased The Tower at Park Lane, the first acquisition for the firm’s new $1 billion distressed office property strategy.
Real Capital Solutions bought the 20-story property for $66 million, or nearly $130 per square foot, from a unit of CBRE Global Investors. In 2022, The Dallas Express reported that CBRE, a California-based real estate investment firm, was also behind the sale of Mockingbird Station, one of Dallas’ most iconic mixed-use developments.
Appraisal district records value the Park Lane property located at 8750 North Central Expressway at $104 million for tax purposes.
Real Capital plans to invest $13 million to overhaul The Tower lobby and fitness center and add spec suites on the third floor. Currently, the building’s tenants include Match.com, TopGolf, and Texas A&M University-Commerce. TopGolf and Texas A&M are both expected to expand their footprint in the complex.
The building, constructed in 1984 by Dallas developer Raymond Nasher, was initially called NorthPark Central. Nasher was also responsible for constructing the building across the street, the NorthPark Center, the largest mall in Dallas-Fort Worth.
According to a release from CBRE, the building has been on the market since at least 2023.
“This is a rare opportunity for investors to acquire a highly visible Class A office product that presents the opportunity to make additional improvements that truly transform the project and its position within the marketplace. … It will be exciting to see how the buyer will be able to reimagine the space,” said CBRE vice chairman Russell Ingrum in an April 2023 statement.
Real Capital Solutions has acquired and managed nearly 400 real estate assets totaling more than $5 billion over its four-decade history. Currently, the firm boasts $2.4 billion in assets under management. The latest purchase of The Tower at Park Lane is part of a broader strategy to obtain $1 billion in distressed office property in 2025.