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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