Newmark announces that Commerce Street Holdings, LLC has re-signed and restructured a long-term lease for its 23,000-square-foot office space on the 27th floor of the 60-story Fountain Place building at 1445 Ross Avenue in Dallas. Newmark’s Vice Chairman and President of Tenant Representation Texas Jim Cooksey, along with Paxton Cooksey, Garrison Efird, and Louis Pascuzzi represented the tenant in the early renewal lease transaction.
Fountain Place is an iconic skyscraper designed by I.M. Pei and is one of the most recognizable buildings in the Dallas skyline. Operated by Goddard Investment Group, Fountain Place recently completed a massive, $70 million redevelopment, including the addition of a new 10-story garage with four plaza-level restaurants at its base, and building enhancements including a lobby transformation, a new tenant lounge and a state-of-the-art, full-service fitness center.
“Leasing activity at Fountain Place reached a feverish pitch as the renovations neared completion,” stated tenant representation pioneer Jim Cooksey. “Considering market conditions and the revitalized interest in Fountain Place, it was important to secure Commerce Street’s lease rates going forward. The $150 million, 46-story, multifamily development underway adjacent to the Fountain Building will further enhance the surrounding area for the building’s office tenants and generate even greater tenant interest and activity, with lease rates increasing correspondingly.”
“We are very thankful for Newmark’s assistance in our early lease restructure,” said Commerce Street Capital President and Chief Executive Officer, Dory Wiley. “Our space at Fountain Place is a great benefit to our employees and clients; as such, we wanted to achieve a workable lease agreement through our early restructure and renewal. Newmark’s assistance and advice made the process simple.”
Commerce Street Holdings, LLC is the holding company for Commerce Street Capital, LLC (“CSC”), a FINRA/SIPC member broker dealer and Commerce Street Investment Advisor, LLC dba Commerce Street Investment Management (“CSIM”). CSC focuses on mergers and acquisitions; equity and debt placements in banks, real estate, oil & gas, middle market companies and other select industries; real estate investment banking; valuation and fairness opinions. CSIM provides asset management services in private equity, hedge funds, fund of funds and credit opportunities funds.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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