"It was originally built for 7-Eleven and was occupied until recently by GMAC, which went bankrupt," Parmenter says. He points out that the building's interior has highly unusual designs, specifically, the interior atriums that extend five floors and even higher. In 2009, Dean Foods took down 240,000 square feet at the building and Parmenter says the tenant did a great job of improving that space. However, "the other atriums had not been modernized and not brought up to current design standards," Parmenter remarks. "We'll be upgrading the atriums so the building is more marketable."

Parmenter is making a change in the building's marketing as well, letting go of leasing brokerage firm Stream Realty Partners LP. Parmenter says Cityplace's leasing will be outsourced to a third party which hasn't yet been identified.

And there is a lot of upside in this 1980s-built assets. Certainly its Uptown location is a positive. Furthermore, Parmenter says tenant roll is negligible. An added benefit is the fact that the building sits atop a Dallas Area Rapid Transit light rail station. "We think about 30% of the building's population uses DART," Parmenter notes. "It seems to be a fairly critical and important component of the building."

Furthermore, there is enough space for approximately 600,000 square feet of an urban mixed-use development; Parmenter says designs could include multifamily properties, some retail and perhaps even a hotel. There is no date set for such a development.

Cityplace Tower's planned redevelopment, and its potential to raise rents, is all well and good. Parmenter adds another important upside. "We're paying roughly $100 per square foot for a building with a replacement value of around $400 per square foot," he comments. "Plus there is the DART station beneath the building; very few office buildings here have that kind of amenity."

With this acquisition, Parmenter Realty Partners now owns and operates 3.5 million square feet of office space in the Dallas market. Parmenter says the immediate goal is to stabilize what's currently in the portfolio, though he's certainly open to other acquisition opportunities.