IRVING, TX-Massachusetts-based investor Brookwood Financial Partners LLC has purchased the 10-story Embassy office tower at 1431 Greenway Drive in the Las Colinas submarket.

The firm plans to invest $2 million in improvements, according to a report in the Dallas Morning News. The selling price was not disclosed, but the paper said the building is valued a about $13 million for tax purposes. Jones Lang LaSalle represented the seller, SFERS Real Estate Corp.

“Consistent with our value-add strategy, we acquired The Embassy at a deep discount to replacement cost in a dynamic market that has started to see increases in both occupancy and rental rates,” said Thomas Nicholas Trkla, Brookwood's chairman and CEO in a press release. “Because of our low cost basis, we will be able to execute leases at current market rates while offering substantial tenant improvement packages and full leasing commissions, which we believe will give us a competitive advantage over the higher-basis buildings in the Office Center submarket.”

Built in 1982, the Embassy comprises nearly 200,000 square feet of floor space on ten floors.

Brookwood is a private investor that owns 124 properties with more than 11 million square feet in more than a dozen states. In July it purchased the Interchange building, a 3-story Dallas office asset.

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