High-profile Tower at Park Lane up for grabs in North Dallas

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."

Read Entire Article Here: https://www.dallasnews.com/business/real-estate/2023/04/03/high-profile-tower-at-park-lane-up-for-grabs-in-north-dallas/