Parmenter, Bisnow Happy Hour: C U There
To borrow a line from Sting, we’ll pack in like lemmings in shiny metal boxes (or a high rise office will do in a pinch) from 6-8pm Thursday on the sixth floor of 8300 Douglas in Preston Center(above) for Bisnow’s first DFW Happy Hour. The property is owned by Parmenter Realty Partners (our evening's host) and leased by Cousins Properties. 8300 Douglas is part of Parmenter’s DFW portfolio totaling 2M SF of office space in the Metroplex. Parmenter targets underperforming infill office locations.
|Parmenter’s Sharyn Glazer and Delilah Villegas (no relation to the PGA’s Camilo “Spiderman” Villegas) at Parmenter’s Two Forest building in North Dallas. Sharyn tells us Parmenter is hands-on with its portfolio, managing in-house and using third party leasing (Cousins’ Matt Schendle and Cynthia Cowen handle most of its DFW portfolio). Away from the office, Sharyn frets over her 16-year-old daughter behind the wheel of a vehicle. She de-stresses in the kitchen experimenting with new dishes or outside playing with her Boston terrier, Oreo.|
Park Central Towers 7,8 & 9 are also in the Parmenter DFW portfolio. The firm is a fund-driven company raising capital from investors including university endowments and foundations. Now, it’s raising $400M-$500M for Fund IV, for upcoming opportunities. We think that’s a nice way of saying it plans to take advantage of those properties that won’t get refinanced as their loans mature. Sharyn says Parmenter wants to be positioned when those opportunities do present themselves, likely by 2Q or 3Q. Where are they shopping? In markets they’re in like DFW, but also Houston and San Antonio.
|Two Forest Building, where Janelle Jordan tends the tenants, was one of Parmenter’s last acquisitions in mid-2007. Its $3M renovations include a new façade, updated lobby, restrooms, HVAC/mechanical, garage, landscaping, elevator modernization in building and garage, and the addition of a deli. In 2009, eight new leases totaling 32k SF were signed bringing the occupancy up to 58% occupied (total building size is 196k SF). Perhaps its most talked about signing: the highly sought after La Madeleine.|