Dallas-based DFW Land, led by Vijay Borra, has acquired the Offices at Park Lane in North Dallas. The property consists of two buildings located at 8070 and 8080 Park Lane, totaling 230,691 square feet of office space. The transaction was facilitated by Newmark, which represented the seller, Northwood Investors from Denver. The purchase price was not disclosed.
The Offices at Park Lane were originally built in the 1970s but have recently undergone upgrades that include a new conference center, tenant lounge, gaming area, and furnished outdoor spaces. For property tax purposes, the site is valued at $29.1 million. The complex is currently 66 percent leased and serves as corporate headquarters for firms such as Boka Powell, Curtainwall Design Consulting, and Condon Tobin.
The office buildings are part of The Shops at Park Lane development—a mixed-use district covering 33.5 acres near U.S. Highway 75—featuring retail outlets like Whole Foods and more than 570 multifamily units.
This acquisition continues DFW Land’s strategy to expand its portfolio of Class B office properties in addition to its ongoing land investments along the Dallas North Tollway corridor. Earlier this year, Borra’s firm purchased a 112-acre tract in Celina with plans for a mixed-use project and acquired Corporate Point office tower in Las Colinas.
According to Newmark data cited in the release, commercial real estate investment sales across the United States increased by 19 percent year-over-year during the third quarter as institutional capital returned to the market.
The Dallas-Fort Worth office sector is also showing signs of improvement. A report from Partners Real Estate notes that overall vacancy rates dropped slightly from 25.3 percent to 25 percent between the second and third quarters this year; compared to last year’s third quarter rate of 25.1 percent, vacancy edged down marginally as well. Average asking rents rose by 2.5 percent quarter-over-quarter to $32.06 per square foot—a figure that represents a 4.8 percent increase over last year.
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