October 5, 2021 9:00 AM
Newmark announces the sale of Trinity Towers–a recently renovated, Class A office/medical office tower located in Dallas’ dynamic Medical/Love Field District. The 634,381-square-foot, 20-story office tower has been transitioning to medical office use, as it is the closest non-hospital or university-owned institutional asset to the district and in proximity to three major healthcare campuses. The highly visible, landmark asset is located at 2777 North Stemmons Freeway.
Newmark Vice Chairmen Gary Carr, Chris Murphy, Robert Hill and John Alvarado, and Director Chase Tagen represented the sellers, Stanton Road Capital and Third Lake Capital. The buyer, Hammes Partners, is part of a national, vertically integrated healthcare real estate platform that includes real estate consulting, development, project management, investment and management service lines. Newmark’s National Healthcare Capital Markets Group, which includes Senior Managing Director Chris Gordon, Executive Managing Director Ben Appel and Managing Director John Nero, is pleased to highlight this sale as an example of the offerings available by the group.
“Trinity Towers presented Hammes with an ideal opportunity to acquire critical mass in Dallas’ premier emerging marketplace and developing life sciences cluster. Hammes is ideally positioned to continue to pursue additional medical office or life sciences conversions,” said Murphy. “As of now, a significant portion of the rentable square footage at Trinity Towers is leased to investment-grade, healthcare-focused tenants, demonstrating the long-term value for healthcare tenants seeking both clinical and non-clinical space adjacent to a campus that is at capacity.”
The Dallas Medical/Love Field District houses seven hospitals and teaching institutions; employs more than 37,000 people and attracts nearly 3 million patients annually. The district includes major flagship campuses of UT Southwestern, which ranks among the world’s top academic medical centers; Children’s Health, the leading pediatric healthcare system in North Texas and one of the largest pediatric healthcare providers in the U.S. and Parkland Health & Hospital System, one of the largest public hospital systems in the country.
Trinity Towers has undergone significant capital improvements and high-end renovations in recent years, with more than $10 million invested since 2012. Updates include upgraded building systems, elevator modernization, upgraded common areas and tenant lounge.
About Newmark
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 in excess of $2.2 billion for the trailing twelve months ending June 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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