Urban Towers In Irving Achieve 85% Occupancy With 3 Leases
The Dallas-Fort Worth office market remains in transition during the pandemic, but one four-decade-old Irving office complex is fighting the headwinds with its recent booking of nearly 55K SF in new leases.
Parallel Capital Partners finalized three leases this month at its Urban Towers, a complex at 222 West Colinas Blvd. in Irving: shipping firm The Pasha Group took 45K SF, Motivity Labs leased 3K SF and Maxitransfers Corp. inked nearly 10K SF.
The contracts combined are worth more than $17M to the San Diego-based landlord and took down 54K SF inside the 850K SF office complex.
Parallel Capital Partners bought the facility in 2013, pulling the 22-story North Tower and the 17-story East Tower into its portfolio along with all structured parking on the 11.2-acre site.
Both towers were built in the early 1980s when the DFW office market was in the midst of explosive growth.
This particular asset and the Las Colinas submarket have legs as DFW office is in a period of recovery. The overall net absorption of DFW office improved in the fourth quarter even though it still hovers at negative 401K SF, according to a new report from Transwestern.
The Transwestern Q4 Office report says the recession experienced in the 2020 office market failed to reach the depths of the 2001 office recession. The market is heading toward recovery, according to Transwestern.
"Even if the market crosses this threshold in 2021, pent-up demand will likely lead to a faster recovery as tenants continue to re-enter [the] market through the latter half of the year," Transwestern said in its report.
In this latest Las Colinas office transaction, Cushman & Wakefield's John Fancher and Matt Schendle represented the landlord. The tenants relied on TIG Real Estate Services' Matthew Hickey, who represented Pasha, and Lincoln Property Co.'s Campbell Henry, who represented Maxitransfer.
In-house representatives handled negotiations for Motivity.