Owners of three Las Colinas office towers plan to redevelop and combine the buildings into a new business campus.
Miami-based Parmenter Realty Partners and investor Partners Group AG own the Mandalay Tower and Las Colinas Towers I & II near State Highway 114 in Irving.
Built in the 1980s, the high-rise offices are in Las Colinas’ Urban Center.
The buildings will be combined into a campus with more than 800,000 square feet of office space that will be called Mandalay Towers.
Commercial real estate firm Cushman & Wakefield will oversee marketing of the buildings.
Parmenter plans to begin a $5 million capital improvement program for the buildings, according to Cushman & Wakefield.
The properties are more than 75 percent leased.
“This is an exciting time for Las Colinas as it transitions into a place in which employees and residents can truly live, work and play,” Josh Hedderich, Parmenter Senior Vice President, said in a statement. “We believe the unification of these three office buildings and the creation of one premier Mandalay Towers campus will be a key part of that transition.”
Cushman & Wakefield’s Chris Taylor, Rodney Helm and Christy Thelen will handle the property leasing.
Mandalay Towers are near Irving’s new Music Factory entertainment and retail complex, the Water Street mixed-use development and the Omni Hotel.
Parmenter is a real estate investment, management and development firm with offices in Miami, Atlanta and Dallas.
Parmenter also owns Cityplace Tower north of downtown Dallas.
Partners Group AG has over $55 billion in investments and is based in Switzerland.
Presented by Dallas News