Cityplace Tower, the tallest Dallas building outside downtown, has sold to Highland Capital Management in one of the largest deals in the southwestern United States in the past decade.
The acquisition of the 42-story, 1.35 million-square-foot tower at 2711 N. Haskell Ave. confirms a CoStar News report from June. Terms were undisclosed, but brokers tied to the off-market deal confirmed the magnitude of the acquisition.
The red granite office tower, originally built in 1985 specifically for the 7-Eleven company, casts a striking silhouette along the North Central Expressway in the Cityplace-West Village neighborhood adjacent to Uptown. The convenience store chain later moved to the Arts District and then to a new corporate campus in Cypress Waters in 2016.
Dallas-based Highland already has plans to upgrade the office building, said James Dondero, co-founder and president of the firm.
“With our plans to modernize amenities and enhance neighborhood access, we hope to capture the vibrancy of Uptown Dallas for all our tenants,” Dondero said in announcing the deal.
“Cityplace was designed to anchor an ambitious urban development, and we believe our plans will revitalize that vision,” he added.
He was not immediately available for additional comment.
Cityplace Tower has the only underground DART station in the rail system. The acquisition also includes about 6 acres of surrounding land for Highland to develop.
The real estate investment firm acquired Cityplace Tower from a joint-venture partnership between Parmenter Realty Partners and Angelo, Gordon & Co. At the time Parmenter acquired the office tower, according to CoStar data, the deal closed at more than $135 million, or about $100 per square foot.
Colliers International brokers Creighton Stark and Chris Boyd, along with Jihane Boury, brokered the deal. Stark, an executive vice president in Colliers’ Dallas office, said the deal was “a tremendous success for all parties.”
NexBank Realty Advisors, an affiliate of Highland Capital, will begin immediately as the office tower’s new property management group. Avison Young’s Grant Sumner, Chuck Sellers and Taylor Lynch have been hired to lease the building on behalf of the new ownership group.
For more information on the transaction, please see CoStar Comp #4482152.