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Parmenter Affiliates To Spend Millions Upgrading Mandalay Towers

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CBRE arranged $121M in bridge financing for a three-property portfolio encompassing five office buildings in Irving, and Richmond, Virginia. The portfolio includes two North Texas properties: Las Colinas Towers I & II at 225 E John Carpenter Fwy in Irving and Mandalay Tower at 220 East Las Colinas Blvd in Irving.

Mandalay Towers 1, 2 and 3 in Las Colinas’ Urban Center are getting a major upgrade. The Las Colinas Association has approved Parmenter’s multimillion-dollar redevelopment by interiors firm Entos Design. The work will be completed early this summer. 

Affiliates of Parmenter own the buildings previously known as VHA Place and Las Colinas Towers I and II. The three buildings total 800K SF with 50K SF of retail. Tower 1 has 262K SF over 13 stories with 50K SF of retail at 80% leased. Tower 2 has 349K SF over 16 stories at 82% leased. Tower 3 has 135K SF over nine stories and is 65% leased. 

Both Mandalay Tower 2 and 3 will get renovated lobbies. Mandalay Tower 2 will have a new reception desk, seating areas and lounge with new furniture and pendant lighting. The tower will also get upgrades to the conference center and fitness center. In Mandalay Tower 3, the dark granite lobby will be reconfigured with new entryways, a new tenant lounge and new signage. 

Complete Landsculpture will redesign Mandalay Park, the one-acre green space connecting the three buildings. The park will get a koi pond, an herb garden, a lending library, fire pits, an open-air kitchen, dining and seating areas, an elevated platform and a walking trail.

Leasing agents for the property, Cushman & Wakefield executive managing director Chris Taylor and managing director Rodney Helm, have taken the properties from 10% to 80% occupied since they started leasing VHA Place in 2011.