Real Capital Solutions acquired a 509,000-square-foot office building in Dallas for $66 million. The Tower at Park Lane is located at 8750 North Central Expressway. The class A office building is located in the Park Lane mixed-use district and includes a six-story attached parking garage.
The Dallas Business Journal reports the price was a significant reduction from the price paid for the building seven years ago. The tower, built in 1984, was purchased by CBRE Global Investors in 2017 for what was reported to be more than $120 million.
The new owner plans to invest roughly $13 million in capital improvements, such as upgrades to the lobby and fitness center. The money will also go toward the addition of third-floor pre-built suites and back-of-house amenities. The North Dallas tower hit the market last year. The building’s tenants include Topgolf, Texas A&M-Commerce and Match.com.
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