Beverly-based real estate investment and asset management company Brookwood Financial Partners LLC has acquired a multi-tenant office property in Irving, Texas.

The Embassy is a 10-story property in the office center submarket of the Las Colinas master-planned development. Built in 1982, it is 196,688 square feet and is visible from both State Highway 114 and State Highway 161 (the President George Bush Turnpike).

"Consistent with our value-add strategy, we acquired The Embassy at a deep discount to replacement cost in a dynamic market that has started to see increases in both occupancy and rental rates," Thomas Nicholas Trkla, Brookwood’s chairman and CEO, said in a statement.

Brookwood plans to make over $2 million in targeted capital improvements to The Embassy, including renovating the lobby, common area hallways, elevator cab interiors, bathrooms and exterior entrances, and upgrading the landscaping and mechanical systems. The property represents Brookwood’s third acquisition in Texas in the last five months. Jones Lang LaSalle represented the seller in the transaction.