Goldman Sachs Sells DFW Office Asset

Goldman Sachs Asset Management has sold Parkway Centre IV, a 153,238-square-foot office building in Plano, Texas, to BH Properties, according to CommercialEdge data. Newmark facilitated the deal on behalf of the seller.

Goldman Sachs acquired the property in 2013 from GID, the same source shows.

The six-story building came online in 2006 and went through a $2 million capex program during the last three years, which included the addition of an amenity center on the last floor. Other features of the Class A property consist of 26,231-square-foot average floorplates, three passenger elevators, tenant lounge, conference room and about 700 parking spaces.

The property was 82 percent leased at the time of sale. Tenants include Delta General Agency Corp., Guardian Mortgage, National Business Research Institute and Independent Financial, according to the same source.

The building sits on 6.6 acres at 2701 Dallas Parkway, close to a host of dining and retail opportunities, including The Shops at Willow Bend and Polo Towne Crossing shopping centers.  Dallas/Fort Worth International Airport is within 22 miles, while downtown Dallas is some 20 miles southeast.

Recent deals in the Metroplex

Newmark’s brokerage team included Vice Chairmen Chris Murphy, Robert Hill and Gary Carr. The trio also represented M-M Properties in the sale of Plaza of The Americas, a 1.2 million-square-foot office asset in downtown Dallas.

In March, Reserve Capital Partners and Trinity Investors purchased Crestview Tower, a 262,962-square-foot building in Irving, Texas. CapRidge Partners was the seller.

Some 8.5 million square feet of office space transacted last year through November, amounting to a sales volume of $158 million, according to a recent Dallas market update. The transaction volume fell sharply from the almost $2.3 billion registered in 2022 during the same period.