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9/16/13
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Parallel Capital Partners Inc has acquired Urban Towers in Irving, Texas – two Class A high-rise office towers – from CB Richard Ellis Strategic Partners U.S. The concrete and steel mirrored glass complex totals more than 850k sf and sits on 11.2 acres in Las Colinas – a premier Irving business district and master planned community just 10 minutes from Dallas. The acquiring entity was a partnership between Parallel Capital Partners and Angelo, Gordon & Co.
According to Matt Root, CEO of San Diego-based Parallel Capital Partners, the acquisition marks his company’s re-entrance into the Dallas market, and meets the firm’s mission of acquiring best of class assets in secondary markets. “In the last 12 months alone, we have acquired $400 mil 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.”
The property also had high appeal, Root says, due to Dallas/Fort Worth’s robust economy and strong office market. “Dallas/Fort Worth has the fourth largest office market as well as the highest number of corporate headquarters in the U.S,” Root says. “Its Class A office market has experienced positive net absorption every year since 2002 – a feat few markets can claim.”
Built in 1982 and 1984, the buildings – a 22-story North Tower and 17-story East Tower – have been owned by CBRE since 2006. The acquisition includes a five- and a seven-story parking structure and plans for a third office tower and parking garage.
With a striking glass clad exterior, the complex holds an Energy Star rating of 91 and is LEED-Silver certified. Urban Towers – currently 88% occupied – is anchored by Fortune 500’s Celanese Corp. with other major tenants including Verizon, HealthSmart and Union Standard Insurance Group. Businesses leasing space in the towers have access to amenities such as a fitness center, deli and coffee shop, medical clinic, conference facilities and more. With direct access to area attractions and amenities, Urban Towers fronts State Highway 114 at 222 Las Colinas Boulevard.
Kennedy Hicks and Michael McDonald from Eastdil Secured represented CBRE and Parallel Capital Partners represented itself. All property management and leasing will be overseen by Cushman & Wakefield of Texas Inc.
According to Root, his company’s previous Texas Holdings included The Melrose Hotel, Twin Towers in Stemmons and The Atrium at Collin Ridge in Plano; 1301 Fannin Street in Houston as well as multiple office buildings in Austin.
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