DALLAS--CBRE Capital Markets is marketing the sale of Plaza of the Americas, a 1.2-million-square-foot class A office complex in the Arts District, M-M Properties and Invesco Real Estate have announced. The asset, soon to be on the market, is comprised of two, 25-story office towers that are connected by a 13-story atrium, two levels of retail, and a 12-story parking garage. The property is currently 74 percent leased. 

"Plaza of the Americas is a world-class asset that will appeal to a broad base of national and international investors," John Alvarado, senior vice president with CBRE, told GlobeSt.com. "The project offers a unique balance of in-place cash-flow security with the added benefit of upside potential through the lease-up vacancy."

Located at the corner of Pearl and San Jacinto streets, one block from the Ross Avenue corridor, the property has a recently renovated atrium, designed by Klyde Warren Park architect The Office of James Burnett, and features a new urban garden with water features, food pavilions and retail shops. Other on-site amenities include a conference center, fitness center, half-court basketball court and tennis court. Additionally, the towers are connected in three directions to the climate-controlled CBD pedestrian tunnel and sky bridge system. Klyde Warren Park is three blocks north.

This acquisition opportunity comes at a time when the Dallas CBD is experiencing strong upward trends, as evidenced by the submarket posting the second-highest direct net absorption in 2014, says CBRE. New ownership will have the opportunity to renew the property's near-term rollover, which is approximately 20 percent below projected market rents, at higher rents given the increased leasing activity and absorption. 

In addition to Alvarado, Russell Ingrum, Gary Carr, Bernard Branca, Eric Mackey, Jared Chua, and Robert Hill, with CBRE's Office Investment Properties team, will represent the sellers.