➤ Key Highlights
Tourmaline Capital Partners bought Tollway Plaza, 376,259 SF across two eight-story towers on Dallas Parkway.
The property was 91% leased at sale; the seller was Buchanan Street Partners (Newmark brokered).
It was financed with an $80.3M Apollo-issued acquisition loan.
The campus sits on roughly 7.4 acres on the lower Dallas North Tollway.
➤ Signal
Debt capital is reopening for leased, well-located office — selectively — and the buy thesis is basis, not a recovery bet on the asset class.
The headline isn’t that office traded — it’s that office traded with leverage. A lender wrote $80.3M against a Sun Belt office campus, which a year ago was nearly unfinanceable outside trophy gateway product. Tourmaline is buying occupancy (91% leased) at a reset basis in one of the country’s strongest office-demand metros. This is the narrow lane where office is investable: high occupancy, strong submarket, price corrected, debt available.
Office is bifurcating into financeable and unfinanceable. Leased, infill, Sun Belt product can now clear with debt; half-empty commodity towers still can’t. The lending reopening is real but conditional — and the conditions are occupancy and location.
➤ Takeaway
Office is financeable again — but only the leased, located, repriced kind.
Source: Commercial Real Estate Direct / Newmark — June 24, 2026
