Northwood Sells Dallas Office Assets
The two-building assemblage is part of a mixed-use development.
Northwood Investors has sold The Offices at Park Lane, a 230,691-square-foot, two-building office assemblage in Dallas. DFWLAND acquired the asset.
Newmark brokered the transaction on behalf of the seller. At the time of the deal, the property was 66 percent leased to 16 tenants including BOKA Powell, Curtainwall Design Consulting and Condon Tobin, which are using the property as their corporate headquarters.
Northwood acquired the assets from Harvest Properties in a portfolio transaction in May 2010, according to Yardi Matrix information.
Located at 8070 & 8080 Park Lane, the property is 7 miles away from downtown Dallas and has access to Highway 75. Dallas Fort Worth International Airport is within 22 miles.
READ ALSO: The Metroplex Office Sector Holds Steady
The two buildings are part of a larger mixed-use development dubbed The Shops at Park Lane. The 33.5-acre district comprises 540,000 square feet of retail space and more than 570 luxury residential units, as well as 514,000 square feet of office space across five structures.
The office facility at 8070 Park Lane rises four stories and was built in 1972, while the other one spans eight floors and was constructed in 1975. Floorplates range between 16,900 and 20,460 square feet.
Since their completion, the buildings have undergone improvements, including the addition of a conference center, a tenant lounge, a gaming area, outdoor spaces and structured parking, reflecting modern office building trends which emphasize tenant experience.
Newmark Capital Markets Vice Chairmen Chris Murphy, Robert Hill and Gary Carr, along with Director Austin Sheahan, represented the seller.
Dallas office sales rank high nationally
“Transaction volumes are coming off the bottom as we will likely see $3 billion worth of office sales in 2025, up from $2 billion in 2023 and 2024, respectively”, Newmark Vice Chairman Chris Murphy told Commercial Property Executive. A major factor behind that momentum is Dallas’ strong leasing activity. The market posted the second-highest net absorption nationwide over the past 12 months, surpassed only by New York City, he added.
In one of the largest deals in the metro so far this year, Cousins Properties paid $218 million for The Link, a 292,000-square-foot office building. Kaizen Development Partners sold the asset, which came online in 2021.
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