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June 15, 2024
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Two Leases Totaling $17 Mil Bring Irving Office Complex to 85% Leased


There have been two new tenant leases totaling 54.9k sf of office space and worth a combined $17 mil to report at Urban Towers, a Class AA, high-rise office complex in Irving, TX, near Dallas. The asset is owned by San Diego-based Parallel Capital Partners Inc.

These latest signings are with The Pasha Group, global logistics and shipping leader, and
Maxitransfers Corporation, a private holding company. In addition, Motivity Labs, an Irving-based software services firm, agreed to a renewal for its 3.1k sf of space at the property.

Comprised of two office towers spanning more than 850k sf at 222 W. Colinas Blvd., Urban Towers is LEED Gold Certified by the U.S. Green Building Council.

Specifics of these recent lease transactions include:

The Pasha Group leased 45.2k sf for 140 months
Maxitransfers Corporation leased 9.7k sf for 91 months
Motivity Labs renewed 3.1k sf for 36 months

Parallel was represented by brokers John Fancher and Matt Schendle of Cushman & Wakefield for both of the new lease transactions. Matthew Hickey of TIG Real Estate Services represented Pasha and Campbell Henry of Lincoln Property Company repped Maxitransfers. The Motivity transaction was handled in-house. With these latest transactions, Urban Towers which Parallel acquired in 2013 is now 85% leased

Built in 1982 and 1984, Urban Towers encompasses the 22-story North Tower and 17-story East Tower with a five- and a seven-story parking structure, respectively. With a striking mirrored glass clad exterior, the complex holds an Energy Star rating of 91.

The complex is situated on 11.2 acres in Las Colinas a premier business district and master-planned community 10 minutes from Dallas. The master-planned center features apartments more than 7,500 built and 1,200 under construction top-rated resorts, a convention center, restaurants, Toyota Music Factory a large, world class concert venue as well as other entertainment, work spaces and outdoor trails all centered around the 125-acre Lake Carolyn.

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