MIAMI--(BUSINESS WIRE)--Parmenter Realty Partners today announced the acquisition of The Tower at Cityplace in Dallas, Texas; its tenth investment in the company’s Fund IV. The 42-story, 1.3 million square foot, Class A, trophy office building, is located less than a mile north of downtown Dallas and the Arts District. Built in 1988, the building is southwest of Highland Park and adjacent to West Village, positioning the building in Dallas’ most upscale and desirable area.
“We are pleased to add The Tower at Cityplace to our Parmenter Realty Fund IV portfolio,” said Darryl Parmenter, Chairman and CEO of Parmenter Realty Partners. “This iconic building was built with the highest design quality and standards and is the perfect asset to round up Fund IV before we launch our Parmenter Realty Fund V in January 2014.”
Parmenter Realty Partners plans to implement a comprehensive capital improvement program consisting of the renovation of the building’s common areas as well as completing other capital projects to enhance the property’s highly desirable trophy stature. The Tower at Cityplace offers superior parking ratios to competing buildings, the only direct access to the DART rail in Uptown, and an above market amenities package including a 35,000 square foot fitness center and spa, a full service conference center with amphitheater, and a covered walkway to upscale restaurants and amenities.
“Uptown’s vacancy rate currently stands at 11 percent and is projected to be single digit by the end of the year,” said Spence Sowa, Senior Vice President of Acquisitions at Parmenter Realty Partners. “With limited new construction in the surrounding submarkets and an increasing demand for a live-work-play environment, The Tower at Cityplace is strategically positioned to take advantage of the growing market trend.”
In addition, Parmenter Realty Partners is planning a state-of-the-art urban mixed-use development surrounding the tower containing over 600,000 square feet of restaurants, shops and residential dwellings.
With this acquisition, Parmenter Realty Partners now owns and operates 3.5 million square feet of office space in the Dallas market. Financing for the acquisition was provided by GE Capital. The seller was represented by Andrew Levy, Todd Savage and Elizabeth Malone at HFF.
Parmenter Realty Partners is a real estate investment, management and development company, headquartered in Miami, Florida, with regional offices in Dallas, Atlanta and Washington, D.C. Parmenter operates a series of institutional investment funds focused on the southeast, southwest and DC Metro regions of the U.S.
For more information on this topic please contact Parmenter Media Relations by calling (305) 379-7500 or via e-mail at MediaRelations@parmco.com.