A 20-story North Dallas office building recently sold at a steep discount, fetching roughly half of what it did eight years ago.
The Tower at Park Lane, a 510,000-square-foot Class A office property just south of The Shops at Park Lane and across the highway from NorthPark Center, was purchased for $66 million by Colorado-based Real Capital Solutions, according to The Dallas Morning News. However, the building (formerly billed as 8750 NorthPark Central) was reportedly sold to CBRE Global Investors for more than $120 million in 2017.
Real Capital Solutions plans to spend an additional $13 million on improvements, which will include upgrades to the building’s lobby and fitness center and new suites on the third floor, Bisnow reported. The Tower at Park Lane is the company’s first office acquisition in the Dallas market…