A sprawling three-building office campus along the Mandalay Canal in Irving has quietly gone up for sale, putting more than 800,000 square feet of Las Colinas office space in play at a moment when the surrounding submarket is still digging out of a historic vacancy slump. Mandalay Towers, owned by Miami-based Parmenter Realty Group and Partners Group AG, is 82 percent occupied and carries an asking price that has not been disclosed.
According to The Dallas Morning News, Cushman & Wakefield is marketing the campus, which sits in Irving along State Highway 114. Matt Murphy, a director with the firm's capital markets group, is part of the sales team alongside Todd Savage, Kelsey Shebay, and Jared Chua, per the same report, though Murphy declined to share details about the listing itself. An offering brochure from Cushman & Wakefield adds more precision to the numbers, putting the campus at 809,247 square feet of total net rentable area across the three buildings with a 5.5-year weighted average remaining lease term.
The Dallas Central Appraisal District has valued the partners' campus holdings at roughly $108.5 million for tax purposes, the Dallas Morning News reported. The buildings themselves date to the 1980s and were combined into a single campus within the last decade, according to the same report — though property handbook documentation traces the site's roots even further back, noting that Mandalay Tower 2 and 3 were originally built in 1979 as the first office development in the Las Colinas Urban Center, under the master plan Ben H. Carpenter established in 1972. Tower 2 rises 16 stories and spans 349,436 square feet, while the 9-story Tower 3 adds another 134,592 square feet, per the tenant handbook on file at mandalaytowers.com.
A Historic Campus Rebranded and Reinvested
Current ownership has leaned into capital improvements rather than let the aging campus coast: the Dallas Morning News reports owners have made more than $9.6 million in recent campus upgrades, building on a multimillion-dollar renovation Parmenter Realty Partners launched in 2017 that added an outdoor courtyard, fire pit, outdoor kitchen, koi pond, and walking trail, as the Dallas Business Journal reported at the time. Those 2017 upgrades were timed to capture retail and dining traffic from the adjacent Water Street development and Toyota Music Factory, both of which remain neighbors today — Mandalay Towers sits across the street from the 14-acre Water Street mixed-use development, with Wells Fargo's new regional campus and the Towers at Williams Square office campus also nearby.
GM Financial occupies more than 100,000 square feet across the Mandalay Towers campus, matched by Trend AI, which also occupies more than 100,000 square feet there, according to the Dallas Morning News. The campus has seen 160,000 square feet of leasing activity over the last two years, the paper reported, and under new branding the property will be renamed Mandalay Towers Two and Three.
Las Colinas Submarket Still Climbing Out of a Vacancy Hole
The timing of the listing is notable given what is happening just around the campus. The Las Colinas Urban Center recorded nearly 850,000 square feet of net absorption, the Dallas Morning News reported, tracking newly occupied office space against space that was vacated — a sign the submarket is at least moving in the right direction even as it works through oversupply.
Much of that oversupply traces back to Pioneer Natural Resources vacating its 1.1 million-square-foot corporate headquarters at 777 Hidden Ridge in Las Colinas during early 2026, which drove first-quarter net absorption into negative territory and introduced a massive block of competing Class A space, as Hoodline reported at the time. North Texas still had roughly 171 office properties on the market as of mid-July 2026, representing 10.9 million square feet of space — a 10-year high, according to the Dallas Morning News.
Part of a Wider Reshuffling Across Las Colinas
Mandalay Towers is far from the only major Las Colinas asset changing hands this year. Joint venture partners led by Vanderbilt Office Properties, Hillwood Urban, and TriPost Capital Partners acquired control of the nearby 1.4 million-square-foot Towers at Williams Square office campus in May, Pink-Granite Power Shift noted, with that pink-granite complex also housing Caterpillar Inc.'s global headquarters. Elsewhere in the submarket, developers Foundry Commercial and DWS Group purchased the former 52-acre State Farm office campus on Regent Boulevard back in February with plans to raze the four existing buildings entirely, Hoodline previously reported, illustrating how some aging suburban office parks are being removed from inventory altogether rather than renovated.
Those two divergent paths — heavy reinvestment versus full demolition — frame what is really being tested with the Mandalay Towers listing. Las Colinas owners are largely choosing between pouring capital into flight-to-quality amenities to retain tenants, as Parmenter and Partners Group have done, or writing off older stock for land reuse, as happened at the former State Farm site. Whether an amenity-rich, historically significant campus like Mandalay Towers can draw institutional buyers in a submarket still carrying nearly 30 percent vacancy may say a lot about where suburban Class A office stands in the broader Dallas-Fort Worth recovery.
