Contacts
Scot Farber
Younger Partners
Tom Strohbehn
Younger Partners
Property Details
- Property Type Office
- Additional Rent Contact for pricing
- Date Updated Nov 4, 2024
Younger Partners, as exclusive advisor, is pleased to present the opportunity
to acquire Parkway Tower (the “Property”), a privately owned and maintained
office buildings in Las Colinas — Dallas/Fort Worth’s premier corporate
destination. The Property offers 81,056 square feet of highly efficient,
small tenant office space that is 62% leased to a diverse range of tenants.
Strong in-place cash flow with a staggered rollover schedule allows for the
next investor to continue common area improvements and push expiring
rents to market rates at lease expiration.
Parkway Tower is located between Interstate 635 and State Highway 114,
within a five-minute drive to Dallas/Fort Worth International Airport and
the vibrant, master-planned Cypress Waters Development. Proximity to the
Las Colinas Urban Center and Toyota Music Factory make the building easily
accessible to some of Dallas’ most sought-after amenities.
Parkway Tower is offered with assumable debt at 4.17% fixed through June
2025, giving new ownership an opportunity to capture value in a rising interest
rate environment. The current balance of the loan provides outstanding
LTV at closing to further benefit value-add investors looking to execute
a repositioning plan in one of Dallas’ most desirable office submarkets.
Available at a sizeable discount to replacement cost and an attractively lowcost
basis, future ownership can invest reasonable cosmetic capital to bring
fresh vibrancy to propel market leasing momentum.
to acquire Parkway Tower (the “Property”), a privately owned and maintained
office buildings in Las Colinas — Dallas/Fort Worth’s premier corporate
destination. The Property offers 81,056 square feet of highly efficient,
small tenant office space that is 62% leased to a diverse range of tenants.
Strong in-place cash flow with a staggered rollover schedule allows for the
next investor to continue common area improvements and push expiring
rents to market rates at lease expiration.
Parkway Tower is located between Interstate 635 and State Highway 114,
within a five-minute drive to Dallas/Fort Worth International Airport and
the vibrant, master-planned Cypress Waters Development. Proximity to the
Las Colinas Urban Center and Toyota Music Factory make the building easily
accessible to some of Dallas’ most sought-after amenities.
Parkway Tower is offered with assumable debt at 4.17% fixed through June
2025, giving new ownership an opportunity to capture value in a rising interest
rate environment. The current balance of the loan provides outstanding
LTV at closing to further benefit value-add investors looking to execute
a repositioning plan in one of Dallas’ most desirable office submarkets.
Available at a sizeable discount to replacement cost and an attractively lowcost
basis, future ownership can invest reasonable cosmetic capital to bring
fresh vibrancy to propel market leasing momentum.
Want more info on this listing?
Reach out to the broker for more info on lease terms and amenities
Highlights
- Immediate upside - 32,000 SF available for lease up
- Opportunity for an owner occupant
- Signage, naming and branding opportunities
- Amenity rich Freeport/Las Colinas market
- In-place / assumable financing at 4.17%
- Dynamic location amongst outstanding demographic area
- Variety of space options and strong in-place cash flow from established tenants
- Small floor plates
- Outstanding access to area transportation networks
- Long run optionality of 3.5 acres with freeway frontage and accessibility
- Benefited by Dallas/Fort Worth's status as a top U.S. marketplace with diversified economy, nation leading population and job growth
- Discount to replacement cost of approximately $400/SF
- #1 Back-to-work city in the United States
- 226,000 new jobs created in 2022
Getting around
-
12/100
Walk Score ®
-
33/100
Bike Score ®
Powered by Walk Score ®
Location
- City Irving, Texas
- Neighborhood Freeport Corporate Center
- Zip Code 75063
- Market Dallas Fort Worth
In-Depth Research Available for this Property
Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.
