Parallel Capital Partners Acquires Class AA Business Complex in Irving
- Sep 26, 2013
San Diego-based Parallel Capital Partners Inc. completed the acquisition of Urban Towers, a Class AA business center in Irving, in a deal that marks the company’s re-entrance into the Dallas market. The acquiring entity, a partnership between Parallel Capital Partners and Angelo, Gordon & Co., bought the 850,000-square-foot complex from CB Richard Ellis Strategic Partners U.S.
“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,” said Matt Root, CEO of Parallel Capital Partners.
The concrete-and-steel, mirrored glass outfit sits on an 11.2-acre tract in Las Colinas Urban Center and consists of two high-profile high-rise office towers. The site offers frontage on Highway 114 to the west, Las Colinas Boulevard to the east and Fuller Drive to the north. North Tower is 22 stories plus basement, and East Tower is 17 stories plus basement, including a 7,041-square-foot penthouse.
Built in 1982 and 1984, the buildings have been owned by CBRE since 2006. The acquisition includes a five- and a seven-story parking structure, and there are plans for a third office tower and parking garage.
Urban Towers holds an Energy Star rating of 91 and is LEED Silver certified. Anchored by the Fortune 500 company Celanese Corp., the property is currently 88 percent occupied. Amenities include a fitness center, a deli and coffee shop, a medical clinic, conference facilities and more.
Kennedy Hicks and Michael McDonald from Eastdil Secured represented CBRE, while Parallel Capital represented itself. All property management and leasing will be overseen by Cushman & Wakefield of Texas Inc., according to company statements.
Meanwhile, in multi-family news, Dallas-based American Communities purchased three apartment complexes in North Texas for an undisclosed sum. Two of the properties, Cornerstone Ranch and Laurel Ridge, are located in Plano, and a third one, Islands West, is located in Irving.
American Communities closed on the three properties in early August. The real estate firm plans to add value by implementing extensive building improvements as well as unit interior upgrades. The three properties will be rebranded under the Bel Air moniker following renovations.
Photo credits: Parallel Capital Partners website