Big Sky Medical Stiches Up Dallas Lease Renewal

March 12, 2024

Medical Office Brokerage Dallas NewsMoreSouthwest

A plastic surgery clinic will continue to occupy 45,000 square feet at this campus.

Dallas Plastic Surgery Institute has renewed its lease of 45,000 square feet at The Pyramids at Park Lane South Tower, a six-story, 145,365-square-foot Class A medical office building in Dallas. The landlord, Big Sky Medical, tapped OMS Strategic Advisors to broker the deal.

DPSI has 12 surgeons in this Central Expressway location, with specialties including cosmetics, pediatric plastic surgery, breast and wound reconstruction operations as well as non-invasive procedures such as Botox and filler injections. Operations are performed on site at the Dallas Day Surgery Center, while the Cloisters Postoperative Recovery Facility provides overnight recovery services. Additionally, DPSI directs the EpiCentre Skin Care & Laser Center, a cosmetic dermatology practice.

A newly converted medical office building

The Pyramids at Park Lane South Tower came online in 1998, according to CommercialEdge information, as part of a two-building office complex totaling roughly 300,000 square feet. In December, the South Tower was converted to medical office use; the North Tower had already been repurposed in kind in 2005.

Big Sky purchased both buildings in October 2022 for $55 million, a year after initiating Big Sky Medical Income Fund LP, which closed at $392.3 million this August. In its current configuration, the South Tower hosts 18 tenants, primarily in the plastic surgery, dermatology, medical imaging and neuroscience practices, CommercialEdge data shows.

A JLL team currently heads up leasing at the property, led by Managing Director Russ Johnson and Senior Vice President Chris Wright.

Located at 9101 N. Central Expressway, with direct access to U.S. Route 75, the property is some 8 miles north of downtown Dallas. North Central Medical Plaza, a two-building, 238,378-square-foot complex owned by Remedy Medical Properties, within walking distance. Texas Health Presbyterian Hospital Dallas, the flagship location of Texas Health Resources, is 1 mile northeast.

Big Sky’s big moves

Big Sky has continued to grow its presence around the Southwest, at a time when the medical office sector seems relatively immune to the secular struggles traditional office faces. The firm grew further in the Dallas-Fort Worth metro over the past several months with the acquisition of Richardson Medical Center I, a 118,472-square-foot facility in the suburb of the same name.

More recently, in January, the investment manager entered the Phoenix market with the $47 million purchase of Blackhawk Medical Center, a three-building, 252,000-square-foot campus located in the Deer Valley Submarket. The seller was ViaWest Group.