Real Capital Solutions, a Colorado-based real estate investment firm, has purchased the 20-story, 509,818-square-foot Class-A office building known as The Tower at Park Lane in northern Dallas. The company plans to invest approximately $13 million in capital improvements, including upgrades to the lobby and fitness center, as well as the addition of pre-built suites and enhanced back-of-house amenities.
Colorado-based Real Capital Solutions purchased The Tower at Park Lane, a 20-story, 509,818-square-foot class-A office building in northern Dallas . The company announced the acquisition Monday. Real Capital Solutions also plans to put approximately $13 million towards capital improvements. This includes upgrades to the building’s lobby and fitness center, the addition of third-floor pre-built suites and enhanced back-of-house amenities. The class-A office tower went on the market last year.
The tower, known as Northpark Central until recently, is across the street from the NorthPark Center mall since 2017. It’s estimated that the investors purchased the property for more than $100 million at the time. The property was last updated in 2019 with a café, fitness center and conference facilities, according to Real Capital Solutions. \ This acquisition reflects our commitment to strategically acquire high-quality assets at a substantial discount but with considerable upside potential in vibrant, mixed-use environments,” Adam Abeln, Real Capital Solutions’ Chief Investment Officer, said in a statement. “We are eager to implement our value-add approach to modernize and reposition Tower at Park Lane to win the leasing wars and create a workplace that meets the evolving needs of today’s tenants.” Real Capital Solutions aims to work with partners and co-investors to acquire up to $1 billion in distressed office loans and real estate across the U.S. in 2025. The company currently owns 80 properties with more than $2.4 billion of assets under management
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