Tourmaline JV Buys Dallas Office Campus
Apollo funded the deal with an $80.3 million loan.
Tourmaline Capital Partners and an undisclosed equity fund partner have acquired Tollway Plaza, a 376,259-square-foot office campus in Dallas, from Buchanan Street Partners. Newmark represented the seller and arranged financing for the buyers.
Apollo Global Management issued an $80.3 million acquisition loan, according to Yardi Matrix data. Previous debt consisted of a $41.5 million New York Life Insurance Co. note originated in 2024.
The two-building campus came online between 1998 and 1999. Rising eight stories each, the structures encompass 24,950-square-foot floorplates. Buchanan acquired the asset in 2015 and implemented a comprehensive upgrade plan.
More than 300,000 square feet of new and renewal leases have been completed at Tollway Plaza since 2020. The buildings were 91 percent leased, having approximately 5.5 years of weighted average lease term as of the sale closing.
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The campus is located on more than 7 acres at 16000 N. Dallas Parkway in one of the market’s most-traveled transportation corridors. Downtown Plano, Texas, and Frisco, Texas, are less than 15 miles away.
Newmark Vice Chairmen Robert Hill, Gary Carr and Chris Murphy, as well as Director Austin Sheahan, represented Buchanan Street Partners in the deal. Senior Managing Director Chris McColpin and Vice Chairmen Nick Scribani and Clint Frease, Senior Managing Director Andrew Porteous and Director Josh Francis, secured financing on behalf of the buyer.
Since its inception in 2021, Tourmaline Capital Partners has closed on more than $3 billion in office deals, reaching a footprint of 5.7 million square feet of managed space. Another recent Lone Star state deal closed late last year, when Tourmaline acquired Five Houston Center from Spear Street Capital, Yardi Matrix shows. That property spans 580,875 square feet.
Investors keep pouring capital into Dallas deals
Dallas was one of just three U.S. markets to surpass the $1 billion office investment volume threshold year-to-date through April, according to a Yardi Matrix report. The Metroplex reached nearly $1.1 billion, below San Francisco ($1.6 billion) and Manhattan ($2.9 billion).
However, Dallas office assets traded for just $170 per square foot, marking an almost 21 percent discount compared to the national average of $214 per square foot. Austin, Texas, had a slight pricing edge ($188 per square foot), while Houston ($159 per square foot) registered cheaper deals.
One of the largest Dallas office deals of the year so far closed last month when Vanderbilt, Hillwood and TriPost purchased The Towers at Williams Square, a 1.4 million-square-foot campus. Newmark brokered that deal, too.
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