Wednesday, July 31, 2013

California Investor Shopping Las Colinas Office Towers

A California investor is in talks to purchase one of Las Colinas’ biggest office centers.
San Diego-based Parallel Capital Partners has signed a contract to acquire the 2-building Urban Towers complex near State Highway 114 in Irving, real estate brokers say.
The 850,000-square-foot office development is one of a handful of local properties that CBRE Global Investors has had on the market.
Built in 1982 and 1984, the mirrored glass high-rises are located at 222 Las Colinas Boulevard.
The distinctive buildings have only about 10 percent vacancy rate and are considered a prime business location in Las Colinas.
CBRE has owned the property since 2006 and has been marketing the buildings for sale to several interested buyers.
Terms of the potential deal have not been disclosed. The buildings are valued for taxes at about $80 million.
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Author: Steve Brown