Denver-based Real Capital Solutions has acquired Walnut Glen, an 18-story office tower located at 8144 Walnut Hill Lane in Dallas, for $26.1 million. The purchase represents a significant decrease from the building’s last sale price of $73 million in 2016, according to information reported by The Dallas Morning News. This discount of more than 64 percent underscores declining values in the Dallas office market.
The property spans 464,000 square feet and is about 49 percent leased, according to broker JLL. The transaction price amounts to roughly $56 per square foot. Despite the current vacancy rate and broader challenges facing the office sector, the Dallas Central Appraisal District still values Walnut Glen at $72.2 million.
Intercontinental Real Estate Corporation of Boston previously owned Walnut Glen for nearly ten years after acquiring it from a local investment group. Built in the late 1980s, the building is noted for its large glass atrium facing North Central Expressway.
Real Capital Solutions plans to implement a value-add strategy for Walnut Glen by investing in upgrades to amenities such as the lobby, fitness center, and conference center. The firm also intends to introduce move-in-ready office suites designed for tenants who want shorter decision timelines and turnkey spaces. While the company did not specify its total capital commitment for these improvements, it described the investment as substantial.
Adam Abeln, chief acquisitions officer at Real Capital Solutions, said in a statement that Walnut Glen “checks every box” for what his firm seeks in value-creation opportunities due to its scale and location.
This acquisition marks Real Capital Solutions’ second office property purchase along North Central Expressway within a year; last December, it bought Tower at Park Lane for $66 million.
Recent data shows that Dallas-Fort Worth leads U.S. cities in office demand, surpassing markets like New York and Houston. According to CoStar figures cited in the report, net absorption reached 3.3 million square feet through the third quarter of this year—about 0.8 percent of total inventory—making it the highest share nationally. Traditional office leasing activity in Dallas-Fort Worth is expected to have its strongest year since 2019.
