Parallel Capital Partners Leases Nearly 55,000 Square Feet at Irving, Texas, Urban Towers High Rise
Shipping Company The Pasha Group Inks Contract at LEED Gold Certified Property.
- Dallas, TX (1888PressRelease) January 28, 2021 - In contracts valued at over $17 million, San Diego-based Parallel Capital Partners, Inc. has finalized deals with two new tenants: global logistics and shipping leader The Pasha Group and Maxitransfers Corporation, a private holding company – collectively leasing 54,880 square feet of new office space at Urban Towers, a Class AA high rise office complex in Irving, Texas, near Dallas. Additionally, Parallel renewed a 3,114-square-foot lease with Motivity Labs, an Irving-based software services firm.
Comprised of two office towers spanning more than 850,000 square feet at 222 W. Colinas Blvd., Urban Towers is LEED Gold Certified by the U.S. Green Building Council.
Specifics of the lease transactions include:
• The Pasha Group – leased 45,228 square feet for 140 months
• Maxitransfers Corporation – leased 9,652 square feet for 91 months
• Motivity Labs – renewed 3,114 square feet for 36 months
According to Matt Root, CEO of Parallel Capital Partners, a real estate investment firm, with these latest transactions, Urban Towers – which Parallel acquired in 2013 – is now 85 percent leased. “This is commendable, especially in light of COVID-19 restrictions, and indicative of the enduring appeal of this best in class office asset,” Root said. “All parties were highly motivated, and we were able to execute favorable terms for all involved.”
Parallel was represented by brokers John Fancher and Matt Schendle of Cushman & Wakefield for both of the new lease transactions. Matthew Hickey of TIG Real Estate Services represented Pasha and Campbell Henry of Lincoln Property Company represented Maxitransfers. The Motivity transaction was handled inhouse.
Built in 1982 and 1984, Urban Towers encompasses the 22-story North Tower and 17-story East Tower with a five- and a seven-story parking structure respectively. With a striking mirrored glass clad exterior, the complex holds an Energy Star rating of 91.
The complex is situated on 11.2 acres in Las Colinas – a premier business district and master-planned community 10 minutes from Dallas. The master-planned center features apartments – more than 7,500 built and 1,200 under construction – top-rated resorts, a convention center, restaurants, Toyota Music Factory – a large, world class concert venue – as well as other entertainment, work spaces and outdoor trails all centered around the 125-acre Lake Carolyn.
About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a real estate investment and operating firm that focuses on office, industrial and retail property acquisition in markets in the western U.S. and Hawaii. The company identifies opportunities where assets are undervalued and uses restructuring, capital improvements and superior leasing and management to turn value-added opportunities into core properties.
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