Real Capital Solutions is betting nearly $80M that there will be a big market in 2025 for Class-A office space in Dallas. And the company does not plan to stop there.
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The real estate investment firm also known as RCS closed out 2024 with a $66M purchase of the nearly 510K SF Tower at Park Lane office building and the attached six-story parking garage along North Central Expressway. RCS plans to spend around $13M on capital improvements for the building as part of an effort to enhance the tenant experience at the property.
The 20-story building at 8750 North Central Expressway in the Park Lane area of Dallas is the company’s first office acquisition in the Metroplex. It’s also the latest in RCS’ acquisition spree as part of its plan to acquire up to $1B in distressed properties and office loans across the country in 2025.
The building was picked up at a “substantial discount,” according to RCS Chief Investment Officer Adam Abeln. The property was last assessed for about $104M, according to local records.
“We are eager to implement our value-add approach to modernize and reposition Tower at Park Lane to win the leasing wars and create a workplace that meets the evolving needs of today’s tenants,” Abeln said in a statement.
Planned capital improvements at Tower at Park Lane include “town hall” spec suites on the third floor of the building as well as upgrades to the lobby and fitness center. The property’s current tenants include TopGolf, Texas A&M University-Commerce and Match.com. It is located next to the Shops at Park Lane development and directly across the highway from the NorthPark Center luxury shopping mall.
“Tower at Park Lane offers a unique combination of superior location, extraordinary quality and untapped potential,” RCS Vice President of Acquisitions Paul Marin said in a statement. “Not only is Top Golf and Texas A&M expanding their footprint, but our planned spec suite program is designed to meet growing demand for move-in-ready spaces, ensuring the property continues to attract and retain top-tier tenants.”
CBRE’s Russell Ingrum and Patrick Benoist brokered the deal.
RCS joins a growing list of distressed office buyers betting on the reemergence of the sector in DFW.
Gulf Coast Western and Enverra Real Estate Partners purchased a pair of office towers in Dallas in September.
SkyWalker Property Partners established a $250M fund in 2023 aimed at acquiring distressed assets and new developments across Texas and beyond. Dallas-based Bradford Cos. launched a $100M fund the same year to capitalize on distress in the market by acquiring value-add properties across North Texas.
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