DALLAS — A partnership between locally based oil and gas company Gulf Coast Western and regional investment firm Enverra Real Estate Partners has purchased Parkway Office Center North and South in North Dallas. The two nine-story buildings total 230,000 square feet. JLL represented the seller, Principal Financial, the property’s previous lender that sold its interest in the loan, in the transaction. As part of the purchase, the partnership acquired the loan and foreclosed on the previous borrower. Gulf Coast Western has been the a tenant at the property for the past 12 years, and the partnership plans to undertake capital improvements. Renovations will include façade upgrades; garage and landscaping enhancements; construction of 38,000 square feet of spec suites; facelifts to lobbies, cafés and common areas; and the addition of amenities such as a fitness center, lounge, conference room and a golf simulator.
According to the new ownership, Parkway Office Center in Dallas has been underperforming its peer set, and the partnership believes that leasing velocity will increase with the capital investment into the asset. Floor plates range in size from 12,000 to 14,000 square feet, which ownership believes is ideal for attracting smaller companies for full-floor leases, such as those in the energy, accounting, private equity and financial services sectors.
Partnership Buys Two North Dallas Office Buildings Totaling 230,000 SF, Plans Renovations
26