DFW Land, led by Vijay Borra, has acquired the Offices at Park Lane in North Dallas, expanding its portfolio of Class B office properties. The purchase includes two buildings located at 8070 and 8080 Park Lane, totaling 230,691 square feet of office space. The sale price was not disclosed.
The deal was facilitated by Newmark, with Chris Murphy, Robert Hill, Gary Carr and Austin Sheahan representing the seller, Northwood Investors. Northwood had acquired the property in 2010. The Offices at Park Lane were built in the 1970s but have recently been updated to include a new conference center, tenant lounge, gaming area and furnished outdoor spaces. According to appraisal data, the property is valued at $29.1 million for tax purposes.
Currently, the complex is 66 percent leased and houses corporate headquarters for firms such as Boka Powell, Curtainwall Design Consulting and Condon Tobin.
The office buildings are part of The Shops at Park Lane, a mixed-use district covering 33.5 acres near U.S. Highway 75 about eight miles north of Downtown Dallas. The area features retail space and multifamily units.
Earlier this year, DFW Land also acquired land in Celina for a planned mixed-use development and purchased another office tower in Las Colinas.
According to Newmark, commercial real estate investment sales rose by 19 percent year-over-year in the third quarter nationwide as institutional capital became more available. In the Dallas-Fort Worth area specifically, office market vacancy rates decreased slightly from the second to third quarter of this year while average rents increased by 2.5 percent to $32.06 per square foot over that period; rents were up nearly five percent compared to last year’s third quarter.
