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Follow on Google News | Parallel Capital Partners Re-Enters Texas Market with High Profile Office AcquisitionSan Diego-based Firm Acquires 850,000-SF Class AA Business Complex
By: Parallel Capital Partners According to Matt Root, CEO of San Diego-based Parallel Capital Partners, the acquisition marks his company’s re-entrance into 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 property also had high appeal, Root says, due to Dallas/Fort Worth’s robust economy and strong office market. “Dallas/Fort Worth has the fourth largest office market as well as the highest number of corporate headquarters in the U.S,” Root says. “Its Class A office market has experienced positive net absorption every year since 2002 – a feat few markets can claim.” Built in 1982 and 1984, the buildings – a 22-story North Tower and 17-story East Tower – have been owned by CBRE since 2006. The acquisition includes a five- and a seven-story parking structure and plans for a third office tower and parking garage. With a striking glass clad exterior, the complex holds an Energy Star rating of 91 and is LEED-Silver certified. Urban Towers – currently 88% occupied – is anchored by Fortune 500’s Celanese Corp. with other major tenants including Verizon, HealthSmart and Union Standard Insurance Group. Businesses leasing space in the towers have access to amenities such as a fitness center, deli and coffee shop, medical clinic, conference facilities and more. With direct access to area attractions and amenities, Urban Towers fronts State Highway 114 at 222 Las Colinas Boulevard. Kennedy Hicks and Michael McDonald from Eastdil Secured represented CBRE and Parallel Capital Partners represented itself. All property management and leasing will be overseen by Cushman & Wakefield of Texas, Inc. According to Root, his company’s previous Texas Holdings included The Melrose Hotel, Twin Towers in Stemmons and The Atrium at Collin Ridge in Plano; 1301 Fannin Street in Houston as well as multiple office buildings in Austin. About Parallel Capital Partners, Inc. Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a private, fully-integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets west of the Mississippi, including Hawaii. The founders of Parallel Capital Partners and Angelo, Gordon & Co. have completed over 35 ventures together with gross asset value in excess of $1.5 billion. End
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