IRVING, TX-Parallel Capital Partners Inc. and partner Angelo, Gordon & Co have acquired Urban Towers, two class AA high-rise office towers, from CB Richard Ellis Strategic Partners. The sales price was not disclosed, but area source report that the office buildings, totaling 850,000 square feet, likely sold for approximately $125 million, or $147 per square foot.

According to Matt Root, CEO of San Diego-based Parallel Capital Partners, the acquisition at 222 W. Las Colinas Blvd. marks his company's re-entrance into the Dallas market, and meets the firm's mission of acquiring best of class assets in secondary markets. “In the last 12 months alone, we have acquired $400 million of properties, including Urban Towers, and have been carefully monitoring the Dallas region for an opportunity like this – a top quality, recently renovated complex located in the heart of a vibrant mixed-use environment with unrivaled amenities,” he says.

The property also had high appeal, Root says, due to the region's robust economy and strong office market. “Dallas/Fort Worth has the fourth largest office market as well as the highest number of corporate headquarters in the U.S,” Root says. “Its Class A office market has experienced positive net absorption every year since 2002 – a feat few markets can claim.”