{"id":1004802627,"date":"2026-06-22T05:15:33","date_gmt":"2026-06-22T13:15:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004802627"},"modified":"2026-06-30T05:57:49","modified_gmt":"2026-06-30T13:57:49","slug":"tourmaline-jv-buys-dallas-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tourmaline-jv-buys-dallas-office-campus\/","title":{"rendered":"Tourmaline JV Buys Dallas Office Campus"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6abc424461de9&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004802628\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tourmaline-jv-buys-dallas-office-campus\/tourmaline-tollway-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/Tourmaline-Tollway-Plaza.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Tourmaline-Tollway-Plaza\" data-image-description=\"&lt;p&gt;Proprietary image obtained from Yardi Matrix&#8217;s database. &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The campus debuted just before the turn of the millennium and the previous ownership implemented a capital improvement program following the asset\u2019s 2015 trade. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/Tourmaline-Tollway-Plaza.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/Tourmaline-Tollway-Plaza.jpg\" alt=\"Exterior shot of Tollway Plaza, a two-building office campus in Dallas.\" class=\"wp-image-1004802628\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/Tourmaline-Tollway-Plaza.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/Tourmaline-Tollway-Plaza.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The previous ownership implemented a capital improvement program following the property&#8217;s 2015 trade. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Tourmaline Capital Partners and an undisclosed equity fund partner have acquired Tollway Plaza, a 376,259-square-foot, two-building office campus in Dallas, from Buchanan Street Partners. Newmark represented the seller and arranged financing for the buyers.<\/p>\n\n\n\n<p>Apollo Global Management issued an $80.3 million acquisition loan, according to Yardi Matrix data. Previous debt included a $41.5 million New York Life Insurance Co. note originated in 2024.<\/p>\n\n\n\n<p>Completed between 1998 and 1999, the eight-story buildings have 24,950-square-foot floorplates. Buchanan acquired the campus in 2015 and implemented a comprehensive upgrade plan.<\/p>\n\n\n\n<p>Tollway Plaza has seen more than 300,000 square feet of new leases and renewals since 2020. The property was 91 percent occupied, with a weighted average lease term of approximately 5.5 years, at the time of closing.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/office-industry-trends\/\">Office Real Estate Trends<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The campus occupies some 7 acres at 16000 N. Dallas Parkway, in one of the market\u2019s most-traveled transportation corridors. Downtown Plano, Texas, and Frisco, Texas, are less than 15 miles away.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-investors-keep-pouring-capital-into-dallas-deals\">Investors keep pouring capital into Dallas deals<\/h2>\n\n\n\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/ai-driven-workforce-shifts-reshape-office-demand\/\">Yardi Matrix report<\/a>. The Metroplex reached nearly $1.1 billion, below San Francisco ($1.6 billion) and Manhattan ($2.9 billion).<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>One of the largest Dallas office transactions of the year so far closed last month when Vanderbilt, Hillwood and TriPost <a href=\"https:\/\/www.commercialsearch.com\/news\/vanderbilt-jv-buys-1-4-msf-dallas-office-campus\/\">purchased The Towers at Williams Square<\/a>, a 1.4 million-square-foot campus. Newmark brokered that deal, too. \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Apollo funded the deal with an $80.3 million loan.<\/p>\n","protected":false},"author":3471,"featured_media":1004802628,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21783,21742,21747,51973],"tags":[34301,34026,50999],"class_list":["post-1004802627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-investment","category-latest","category-office","category-southwest","tag-apollo-global-management","tag-buchanan-street-partners","tag-newmark"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tourmaline JV Buys Dallas Office Campus - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Tourmaline Capital Partners and an equity partner acquired Tollway Plaza in Dallas from Buchanan Street Partners in a Newmark deal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tourmaline-jv-buys-dallas-office-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tourmaline JV Buys Dallas Office Campus\" \/>\n<meta property=\"og:description\" content=\"Tourmaline Capital Partners and an equity partner acquired Tollway Plaza in Dallas from Buchanan Street Partners in a Newmark deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tourmaline-jv-buys-dallas-office-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-22T13:15:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-30T13:57:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/Tourmaline-Tollway-Plaza.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Claudiu Tiganescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tourmaline-jv-buys-dallas-office-campus\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tourmaline-jv-buys-dallas-office-campus\\\/\"},\"author\":{\"name\":\"Claudiu Tiganescu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/cbed638584257d6fb5a2a9c95c982b66\"},\"headline\":\"Tourmaline JV Buys Dallas Office Campus\",\"datePublished\":\"2026-06-22T13:15:33+00:00\",\"dateModified\":\"2026-06-30T13:57:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tourmaline-jv-buys-dallas-office-campus\\\/\"},\"wordCount\":399,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tourmaline-jv-buys-dallas-office-campus\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2026\\\/06\\\/Tourmaline-Tollway-Plaza.jpg\",\"keywords\":[\"Apollo Global Management\",\"Buchanan Street Partners\",\"Newmark\"],\"articleSection\":[\"Dallas\",\"Investment\",\"News\",\"Office\",\"Southwest\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tourmaline-jv-buys-dallas-office-campus\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tourmaline-jv-buys-dallas-office-campus\\\/\",\"name\":\"Tourmaline JV Buys Dallas Office Campus - 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