The renovation of Two Forest Plaza at 12201 Merit Dr. is slated to get under way in the fourth quarter. "We're pushing to crystallize and get in bids in order to get that accomplished," Reid Caldwell, senior vice president, who's part of the Transwestern Dallas team that just won the assignment. The team includes executive vice president Kim Butler and vice president Linda Simpson.
The Miami-based Parmenter took the deed with occupancy at 64% in the 11-story building. Steve Bronner, Parmenter's managing principal, had told GlobeSt.com that the goal was to bump Two Forest Plaza's status up one notch to class A minus. He had been interviewing new teams to lead the charge at sale time. It could not be determined by press time which company previously held the leasing assignment for the Chicago-based seller, CMD Realty Investors Inc.
"We've been planting seeds with Parmenter for quite awhile and trying to get their attention," Caldwell says. "You just work hard to convince someone you can solve their strategies for them."
Parmenter also owns three adjoining office towers, 835,000 sf of 92%-leased class A space. Jones Lang LaSalle is leasing and managing the trio, which Parmenter bought last year.
Caldwell, agreeing with previous statements from Bronner, believes Two Forest Plaza stands to benefit from the Park Central towers and the submarket at large. "It's a great asset in a micro market of Park Central that's made massive strides in the past 24 months," he says.
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