Parallel Capital Partners has signed two new tenants at Urban Towers, a Class A office property in Irving, Texas. Valued at $17 million, the deal includes a 45,228-square-foot lease with shipping company The Pasha Group and a 9,652-square-foot lease with Maxitransfers Corp., a private holding firm. In addition, the landlord also renewed a 3,114-square-foot lease contract with local software company Motivity Labs.
Parallel acquired the high-rise in 2013 for $130 million, according to data provider CommercialEdge. Three years later, the asset became subject to a $91 million loan originated by Pacific Western Bank.
Located at 222 W. Colinas Blvd. on 11 acres, the complex is just off Highway 114. The 850,000-square-foot office park comprises a 22- and a 17-story tower, built in 1982 and 1984. The buildings have a five- and a seven-story parking structure, respectively. Urban Towers is LEED Gold certified.
Urban Towers is within Las Colinas, an 8,600-acre master-planned business and residential community. The development encompasses 27.4 million square feet of office space and 7.6 million square feet of light industrial and distribution space. Las Colinas also features a concert venue, outdoor trails, private clubs, hotels, restaurants and retail space.
John Fancher and Matt Schendle of Cushman & Wakefield assisted Parallel in the new lease transactions. Matthew Hickey of TIG Real Estate Services represented Pasha and Campbell Henry of Lincoln Property Co. assisted Maxitransfers. Motivity handled the deal inhouse. The three deals bring the asset’s occupancy to 85 percent, which is commendable, according to Parallel Capital Partners CEO Matt Root.
The Metroplex office market saw moderate activity in the fourth quarter of last year. According to a recent Newmark report, vacancy rates in the metro remained almost unchanged quarter-over-quarter, hovering around 19 percent.
Presented by Commercial Property Executive.