Parallel Acquires Urban Towers In Irving For $125M
Finalizes Purchase of High Profile Office Complex
September 5, 2013
A joint venture consisting of San Diego-based Parallel Capital Partners and Angelo, Gordon & Co. out of New York obtained the 850,000-square-foot Urban Towers at 222 Las Colinas Blvd. in Irving, TX from CB Richard Ellis Strategic Partners U.S. for $125 million, or about $148 per square foot.
The complex consists of two Class AA high-rise office towers situated on 11.2 acres in the Irving business district of Las Colinas. The 22-story North Tower and the 17-story East Tower were constructed in 1982 and 1984, respectively, and underwent a $6 million makeover in 2007.
Anchored by Fortune 500's Celanese Corp., Urban Towers currently stands at 88 percent occupancy. Other notable tenants include Verizon, HealthSmart, and Union Standard Insurance Group.
Matt Root, CEO of Parallel Capital Partners, stated the acquisition marks his company’s return to the Dallas market, and meets the firm’s mission of acquiring best of class assets in secondary markets. "In the last 12 months alone, we have acquired $400 million of properties, including Urban Towers, and have been carefully monitoring the Dallas region for an opportunity like this - a top quality, recently renovated complex located in the heart of a vibrant mixed-use environment with unrivaled amenities."
The above-mentioned amenities include a print shop, videoconferencing and four appointed meeting rooms, fitness center, deli, shoe shine, cleaners, and an ATM. The Towers hold an Energy Star rating of 91 and LEED-Silver certification.
Kennedy Hicks and Michael McDonald of Eastdil Secured represented CBRE in the sale, which also included a five- and a seven-story parking structure and plans for a third office tower and parking garage. Cushman & Wakefield will oversee property management and leasing.
Additional Texas holdings for Parallel include The Melrose Hotel, Twin Towers in Stemmons and The Atrium at Collin Ridge in Plano, and 1301 Fannin Street in Houston. Parallel also owns multiple office buildings in Austin.
Please see CoStar Comp #2824813 for additional information on the transaction.