Assets Get Whipped Into Shape to Compete for Tenants

DALLAS—8750 NCX located at 8750 Park Ln. is a 508,102-square-foot class-A office tower that is 91% leased to a diverse group of tenants. It was built in 1984 and first renovated in 1994. The last renovations were two years ago, according to LoopNet.

A fund advised by CBRE Global Investors recently acquired 8750 NCX for an undisclosed price. The team will invest additional capital to implement its signature 5-Star Worldwide service and amenity program as well as further enhance building mechanics and cosmetics.

The property is located on the corner of North Central Expressway and Northwest Highway in the Central Expressway submarket, which has recently become highly amenitized, offering convenient access to the DART as well as extensive retail and restaurant amenities. It is across from the Shops at Park Place including Whole Foods, opposite Northpark Center Mall, other shops and mixed-use properties. The location's walkability to these amenities and proximity to executive housing make the property especially appealing to office users.

“It's a quality asset in a submarket on the come, surrounded by great amenities,” Mike Burrichter, senior managing director of CBRE tells GlobeSt.com. “This is not the North Central Expressway of 10 years ago. It has changed and now appeals to tenants with its walkability. In previous cycles, you didn't have this type of redevelopment. Two-thirds of the triangle with North Central Expressway, specifically, Uptown and Preston Center, are bursting at the seams with 10 to 20% higher rents.”

The 20-floor asset features a fitness center, conference center, café, on-site security and a parking deck.

“The Dallas market has seen a number of corporations relocate there in recent years, driven by relatively low living and business costs, as well as strong access to talented labor,” said Vance Maddocks, CIO Americas, CBRE Global Investors.