Class A Trophy Office Building Recently Purchased by Parmenter Realty Partners
Parmenter Realty Partners, a real estate investment, management and development company based in Miami, has awarded Cushman & Wakefield of Texas, Inc. (C&W) the exclusive agency leasing assignment for The Tower at Cityplace, a 1.3 million-square foot, Class A, office building prominently located in Dallas’ Uptown. Ownership recently acquired the trophy property as part of its Parmenter Realty Fund IV portfolio. Bill Brokaw, Matt Schendle and Cynthia Cowen of C&W will oversee leasing at The Tower at Cityplace effective immediately.
“We welcome the opportunity to partner with the senior leasing team from Cushman & Wakefield on this iconic tower,” said Thom Ridnour, Senior Vice President Leasing for Parmenter Realty Partners. “Bill, Matt and Cynthia have a proven track record in the adjoining submarkets, and they bring a high level of creativity, resourcefulness and established relationships to the project.”
“It is an honor to be selected by Parmenter Realty Partners, one of the best owners and operators of Class A office projects, not just in the Dallas area but throughout the entire country,” said Mark Dickenson, Head of Investor Services in C&W’s Dallas office. “The Tower at Cityplace is a world-class office property that is perfectly positioned in the Uptown market to benefit from Parmenter’s new sponsorship supported by C&W’s market reach and expertise.”
The Tower at Cityplace, located less than one mile north of downtown at 2711 North Haskell Avenue, is currently 70% leased to long term credit tenants including Dean Foods, Hudson Advisors and Headington Cos. Built in 1988, the 42-story structure remains the tallest Class A building outside the central business district. It is also the only office property in Uptown to offer direct access to the DART rail. Previously announced capital improvements to the property planned by the new ownership group include a state-of-the-art urban mixed-use development surrounding the tower containing more than 600,000 square feet of restaurants, shops and residential dwellings. The renovation of the building’s common areas will restore the luster to the trophy Class A tower.
Parmenter Realty Partners is a real estate investment, management and development company, headquartered in Miami, Florida, with regional offices in Dallas, Atlanta and Washington, D.C. Parmenter operates a series of institutional investment funds focused on the southeast, southwest and DC Metro regions of the U.S. Parmenter Realty Partners owns and operates 3.5 million square feet of Class A office space in the Dallas area including Park Central and Two Forest Plaza in North Dallas, as well as VHA Place and Las Colinas Towers I & II in the Las Colinas submarket. Further information regarding The Tower at Cityplace can be found at www.thetoweratcityplace.com.