Parallel Capital Partners Announces $20 Million in New Leases at Irving, Texas' Urban Towers

SAN DIEGO - Feb. 12, 2020 - PRLog -- In contracts valued at over $20 million, San Diego-based Parallel Capital Partners, Inc. has inked deals with three new tenants, Teknion Data, Informa and Abeam Consulting, leasing over 50,000 square feet of new office space at Urban Towers, a Class AA office complex in Irving, Texas. Additionally, Parallel renewed a 22,172-square-foot lease with Verizon subsidiary, Terremark.

Comprised of two high-rise office towers spanning more than 850,000 square feet, Urban Towers was recently LEED Gold Certified by the U.S. Green Building Council. The concrete and steel mirrored glass office complex is situated on 11.2 acres in Las Colinas – a premier business district and master-planned community just 10 minutes from Dallas.

According to Matt Root, CEO of Parallel Capital Partners, a San Diego-based real estate investment firm, with these latest transactions the high-profile office complex, which Parallel acquired in 2013, is now 85 percent leased. "These transactions are proof positive that this property is highly appealing – a best in class office asset in a prime Dallas locale which has emerged as one of the premier business addresses in the country," he said.

The tenants include:

• Informa – new tenant, leased 23,354 square feet
• Teknion Data Solutions – new tenant, leased 17,229 square feet
• Abeam Consulting (USA) Ltd. – new tenant, leased 10,656 square feet
• Terremark (a subsidiary of Verizon) – existing tenant, renewed 22,172 square feet

Urban Towers is located within the popular urban center of Las Colinas, a live, work, play destination. The master-planned center features apartments – more than 7,500 built and 1,200 under construction – top-rated resorts, a convention center, restaurants, entertainment, work spaces and outdoor trails all centered around the 125-acre Lake Carolyn. In 2017 Toyota Music Factory completed a $175 million entertainment destination operated by Live Nation.

Built in 1982 and 1984, the buildings encompass the 22-story North Tower and 17-story East Tower and include a five- and a seven-story parking structure. With a striking glass clad exterior, the complex holds an Energy Star rating of 91.

About Parallel Capital Partners, Inc.

Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a real estate investment and operating firm that focuses on office, industrial and retail property acquisition in markets in the western U.S. and Hawaii. The company identifies opportunities where assets are undervalued and uses restructuring, capital improvements and superior leasing and management to turn value-added opportunities into core properties.