T
he Tower at Park Lane, a 20-story Class A office building on U.S. Highway 75 in northern Dallas, has been sold to Colorado-based Real Capital Solutions for $66 million. The property spans 509,818 square feet and is located across from the NorthPark Center shopping mall. Major tenants include Topgolf, Match, and Texas A&M-Commerce.

    Real Capital Solutions plans to invest approximately $13 million in capital improvements, including upgrades to the lobby and fitness center, prebuilt suites on the third floor, and enhanced back-of-house amenities. The property was previously owned by a unit of CBRE Global Investors since 2017, who purchased it for over $100 million.

    The acquisition reflects Real Capital Solutions' commitment to acquiring high-quality assets at a discount with significant upside potential in vibrant mixed-use environments. Adam Abeln, the company's Chief Investment Officer, stated that they aim to modernize and reposition the Tower at Park Lane to meet the evolving needs of today's tenants.

    This deal marks Real Capital Solutions' first office acquisition in Dallas, where the office vacancy rate was 24.7% as of the third quarter of 2024. The company currently owns 80 properties with over $2.4 billion in assets under management and plans to acquire up to $1 billion in distressed office loans and real estate across the U.S. in 2025.