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February 21, 2024
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CA Investment Entity Buys TX Office Building

1/17/24

A CA-based family-owned investment entity bought Parkway Centre IV, a 153.2k sf office building located along the Dallas North Tollway in Plano, TX. The price was not disclosed.

Located at 2701 Dallas Pkwy, the property is situated on a 6.6-acre site and is comprised of six stories of highly visible office space with excellent regional connectivity and proximity to North Dallas’ most affluent residential neighborhoods. Constructed in 2006, the asset has undergone over $2 mil in capital improvements since 2021, including the addition of an amenity center on the 6th floor. The building is currently 82% leased to a diverse tenant base, including companies specializing in financial services, title services, hospitality, consulting and software solutions.

Chris Murphy, Robert Hill, and Gary Carr with Newmark represented the seller, an undisclosed financial institution.

“Parkway Centre IV is positioned to capture tenant demand for exceptionally located office space in proximity to key decision makers in North Dallas,” said Murphy. “This asset offers an attractive discount to newer buildings in Legacy, while still providing access to the best-in-class amenities in the area.”

Dallas-Fort Worth office-using employment continues to remain at a historical high as of the end of November 2023. The metroplex reported 1.31 million office workers, an increase of 69.2% compared to 2010, and an increase of 22.7% compared to 2019 employment levels , according to Newmark Research. The continued strength and growth in the market’s office employment reflect an enduring appetite for office assets. The Dallas-Fort Worth office market’s long-term outlook remains positive and competitive given the market’s strong economic fundamentals, such as a diversified labor pool and continued office-using jobs growth.




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