Parmenter markets more than 800,000 sf Las Colinas towers

Parmenter Realty Partners is marketing The Mandalay Towers, a three-tower office complex in Las Colinas, with all three buildings available and the property 82% leased, Connect CRE reported Oct. 23, citing the Dallas Business Journal. Cushman & Wakefield is advising. The asking price has not been disclosed.

The complex totals more than 800,000 square feet, including 50,000 square feet of retail. In 2017 the three towers underwent a multimillion-dollar transformation that upgraded the lobbies of the second and third buildings and added an outdoor courtyard, an outdoor kitchen, a koi pond and a walking trail. The site runs along the Mandalay Canal Walk, across from the 14-acre Water Street mixed-use development.

For allocators, the sale will set a clearing price for 2017-vintage, 82%-leased suburban Dallas office space. With 18% of the complex unleased, the buyer's lease-up spending and timing will set the per-square-foot basis against which other Las Colinas landlords get marked.

The wider Las Colinas Urban Center has more than 50 restaurants and stores, more than 8,500 apartments and more than 2,200 hotel rooms, per the Connect CRE report.