A Baltimore-based property investor and developer has purchased a large suburban Dallas office campus.
The Park West office buildings on Interstate 635 in Farmers Branch contain almost 700,000 square feet of space. The two office high-rises were constructed in the 1980s at the northwest corner of LBJ Freeway and Luna Road.
Pratt Street Capital LLC just purchased the buildings, which are 66% leased to tenants including Haggar, Hyla, Laredo Petroleum and Martin Manetta.
“This represents our fourth office acquisition in the Dallas market,” Pratt Street chief acquisition officer David Braunstein said in an email.
The Maryland-based investor has more than 6.5 million square feet of U.S. properties.
The Park West buildings Pratt Street acquired are near the popular Cypress Waters development northwest of Dallas
The previous owners spend $17 million on upgrades for the two buildings.
Newmark’s Robert Hill, Gary Carr and John Alvarado marketed the buildings for sale.
The Park West buildings are the latest in a series of recent office building purchases in North Texas.
Investors are expecting a rebound in office demand in 2022 as more workers return from home.