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1M-SF Cityplace Tower Sells to Highland Capital

Joint venture partners Parmenter and Angelo, Gordon & Co. ended their six-year hold on the 42-story Cityplace Tower on North Central Expressway in Dallas, selling the 1.4-million-square-foot office tower to Highland Capital Management. The sales price for the asset at 2711 Haskell Ave. was undisclosed, though the seller acquired it for a reported $135 million in 2013.

Colliers International Capital Markets team, led by Creighton Stark and Chris Boyd, along with Jihane Boury, negotiated the off-market transaction, one of the largest office sales to take place in North Texas this year. The new owner already has plans for the property, which opened in 1987.

According to Highland Capital Management’s James Dondero, “the iconic nature of Cityplace Tower drew us to the property.” He added that the plan is to implement “strategic renovations and improvements,” to help create an anchor for “an ambitious urban development.”

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.