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Commercial Real Estate

Las Colinas’ Mandalay Towers Completes $6 Million in Renovations

Owner Parmenter says the three-tower offices have already signed two new tenants spanning three full floors, including Blackstone Group's energy portfolio company GridLiance.

The Music Factory’s dining and entertainment tenants aren’t the only newcomers to Irving. Mandalay Towers has completed renovations on its 800,000-square-foot campus and has signed two new office tenants spanning three full floors.

Mandalay Towers owner Parmenter spent more than $6 million renovating the lobbies, the conference room, fitness centers, and the tenant lounge. Entos Design completed the interior renovations, which includes new furniture and lighting throughout.

Mandalay Park, the one-acre greenspace that connects the campus’ three towers, has been entirely redesigned by Complete Landsculpture. Office tenants can now utilize a covered outdoor kitchen area with seating. Parmenter also completed some back-of-house renovations, senior vice president of asset management Josh Hedderich says.

Parmenter and leasing firm Cushman & Wakefield has been able to push rents to $28.50 per square foot, plus electric costs, Hedderich says. Parmenter started renovations in April and completed them in October.

Mandalay Tower 3, a 135,000-square foot, nine-story building, has signed a new tenant for a full floor of 16,200 square feet. The tenant, GridLiance, is the energy portfolio company of Blackstone Group and will move into Mandalay Tower 3 in January. Swearingen Realty Group’s Dan Paterson represented GridLiance. Cushman & Wakefield’s Rodney Helm and Chris Taylor represented Parmenter and oversee leasing of the towers.

Mandalay Tower 1, a 262,000-square-foot, 13-story building with an additional 63,000 square feet of retail space, has signed to-be-named tenant for two full floors of 45,000 square feet. The office component of the three-tower campus is 83 percent occupied, Hedderich says.

“We’re excited about everything happening in Las Colinas with Music Factory and Water Street and all the live, work, play aspects coming here,” Hedderich says. “Many people spend more time at the office than they do at home, so we wanted to make the office feel homier.”

Las Colinas has seen 1.6 million square feet of leasing activity thus far in 2017, according to Cushman & Wakefield. Third quarter absorption in the submarket tops all others in Dallas-Fort Worth, including Uptown and Legacy.