June 14, 2022 12:00 PM
Newmark announces the sale of Element Towers, a recently renovated, 673,150-square-foot office property in Dallas, Texas. Newmark Vice Chairmen Gary Carr, Chris Murphy, Robert Hill and Director Chase Tagen represented the seller. Newmark Vice Chairman David Milestone, Senior Managing Director Brett Green and Director Josh Francis facilitated the financing for the buyer.
Prominently located at 3010 and 3030 LBJ Freeway, Element Towers comprises two Class A office towers with adjacent parking garages on seven acres along the south side of LBJ Freeway (I-635). The building lobbies were recently renovated, and each tower includes a fitness center with locker rooms and showers, a conference facility and a full-serve café with dining area. Element Towers is 68 percent leased to a diverse base of tenants that generate a strong in-place cash flow.
“This sale reflects the continued strong demand for value-add office investment opportunities in Dallas-Fort Worth—demand that will soon exceed pre-pandemic levels,” said Carr. “With DFW among the nation’s top corporate relocation destinations, investors are eager to capitalize on the metroplex’s unparalleled growth and business-friendly environment.”
Surrounded by some of Dallas’ premier residential communities, Element Towers is convenient to the Galleria, Las Colinas and many of Dallas’ high-growth suburban communities to the north. With a high visibility location and direct access to LBJ Freeway, the property is within 15 minutes of Dallas/Fort Worth International Airport and Dallas Love Field.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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