A hometown investment group has purchased the iconic, 42-story Cityplace Tower from Parmenter Realty Partners and partner Angelo, Gordon & Co. Dallas-based Highland Capital Management bought 1.4 million-square-foot building in an off-market deal and is now planning upgrades to the tower.
The sale will no doubt be one of the largest in the region this year. Terms of the deal were not disclosed. Dallas County Appraisal District last valued the property at about $137 million earlier this year. Planned improvements include upgrades to common areas and amenities, as well as adding new retail space and restaurants.
In late 2016, Parmenter refinanced the building’s debt to get some cash for renovations. The iconic building designed by Cossutta & Associates opened in 1987 and, at the time, was the most expensive construction project in Dallas topping $300 million. The building is still the tallest in the city outside downtown.
Avison Young will lease Cityplace and NexBank Realty Advisors will manage the property. Colliers International’s Creighton Stark, Chris Boyd, and Jihane Boury facilitated the sale.