At a glance
- The coverage does not include an asking price.
- The complex totals more than 800,000 square feet, including 50,000 square feet of retail.
- For allocators, the sale will set a clearing price for 2017-vintage, 82%-leased suburban Dallas office space.
Parmenter Realty Partners is marketing The Mandalay Towers, a three-tower office complex in Las Colinas, with all three buildings available and the property 82% leased, Connect CRE reported Oct. 23, citing the Dallas Business Journal. Cushman & Wakefield is advising. The coverage does not include an asking price.
The complex totals more than 800,000 square feet, including 50,000 square feet of retail. In 2017 the three towers underwent a multimillion-dollar transformation that upgraded the lobbies of the second and third buildings and added an outdoor courtyard, an outdoor kitchen, a koi pond and a walking trail. The site runs along the Mandalay Canal Walk, across from the 14-acre Water Street mixed-use development.
For allocators, the sale will set a clearing price for 2017-vintage, 82%-leased suburban Dallas office space. With 18% of the complex unleased, the buyer's lease-up spending and timing will set the per-square-foot basis against which other Las Colinas landlords get marked.
The wider Las Colinas Urban Center has more than 50 restaurants and stores, more than 8,500 apartments and more than 2,200 hotel rooms, per the Connect CRE report.
Reported by the Sectors desk from Connect CRE and Dallas Business Journal. Published . Corrections