A North Dallas office tower that just hit the market is hard to miss. More than 340,000 cars a day zip past the Tower at Park Lane at the northeast corner of North Central Expressway and Northwest Highway.
The 20-story office high-rise – known as Northpark Central until recently – is across the street from NorthPark Center, a shopping mall that attracts more than 26 million visitors a year.
The half-million-square-foot silver-glass office tower was built in 1984 by legendary Dallas developer and NorthPark Center owner Raymond Nasher.
Since 2017, the tower has been owned by a unit of CBRE Global Investors and is valued for property taxes at more than $115 million. Major tenants in the high-rise — which is almost 70% leased — include Topgolf, Match and Texas A&M-Commerce.
The Tower at Park Lane was last updated in 2019 with a café, fitness center and conference facilities. The current owners have drawn up plans for a new amenity center at the tower entrance. There’s also zoning on the site to add additional office space, apartments or a hotel.
“This is a rare opportunity for investors to acquire a highly visible class A office product that presents the opportunity to make additional improvements that truly transform the project and its position within the marketplace,” CBRE vice chairman Russell Ingrum said in a statement. “It will be exciting to see how the buyer will be able to reimagine the space."
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