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6/18/26
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Tourmaline Capital Partners, with its equity fund partner, acquired Tollway Plaza, a 376.3k sf office campus in Dallas. The property sits on 7.4 acres along the lower tollway at 15950 and 16000 Dallas Pkwy.
Tollway Plaza consists of two eight-story office towers strategically positioned within North Dallas’ Lower Tollway Corridor. The property was 91% leased at the time of sale and offers direct access to one of the region’s most heavily traveled transportation corridors, providing exceptional visibility to more than 160,000 daily commuters.
Originally constructed in 1998 and 1999, the property has undergone extensive capital improvements, including lobby renovations, upgraded common areas, modernized building systems, enhanced tenant amenities and recently completed speculative suites designed to accelerate future leasing activity. The campus features a fitness center, conference facilities, tenant lounge and an expansive outdoor courtyard, helping position the asset as a premier workplace destination within the submarket.
The property boasts approximately 5.5 years of weighted average lease term remaining and has demonstrated strong leasing performance, with more than 300k sf of new and renewal leases executed since 2020. Recent tenant commitments and expansions have contributed to sustained occupancy and rent growth across the campus.
Newmark Vice Chairmen Robert Hill, Gary Carr and Chris Murphy and Director Austin Sheahan represented the seller, Buchanan Street Partners, in the transaction. Senior Managing Director Chris McColpin and Vice Chairman Nick Scribani, alongside Vice Chairman Clint Frease, Senior Managing Director Andrew Porteous and Director Josh Francis, secured financing on behalf of the buyer.
“Tollway Plaza represented a compelling opportunity to acquire a well-located, institutional-quality office asset with strong in-place cash flow and meaningful upside through continued leasing activity,” said Hill. “The property benefits from a highly desirable location, a diversified tenant roster and a history of sustained leasing momentum that continues to attract occupiers seeking quality space in North Dallas.”
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