June 15, 2022 11:00 AM
Newmark announces the sale of HQ53, a recently built, 248,661-square-foot office property in Dallas/Fort Worth’s premier Legacy submarket. Newmark Vice Chairmen Chris Murphy, Gary Carr, Robert Hill and Director Chase Tagen represented the seller, Cawley Partners, in the sale to buyer, Drawbridge Realty. Located at 5301 Headquarters Drive in Plano, Texas, HQ53 is fully leased to Aimbridge Hospitality, a global leader in third-party hotel management.
“Given the quality of construction, asset age, secure income stream and Legacy submarket location, HQ53 was met with robust investor demand, particularly when coupled with Aimbridge Hospitality’s strong credit profile,” said Murphy. “The seamless execution of this transaction is a testament to the top-notch development team at Cawley Partners and first-class investment team at Drawbridge Realty.”
The five-story, state-of-the-art office building was constructed in 2021 and features highly efficient floor plates, a modern fitness center, conference facility and tenant lounge. Structured and surface parking offers a well-above-market ratio of 5.2 spaces per 1,000 square feet.
With a Headquarters Drive address, HQ53 is walkable to premier dining, shopping, entertainment and residences at The Shops at Legacy and Legacy West Urban Village. HQ53’s proximity to the Dallas North Tollway and Sam Rayburn Tollway puts it within a 20-minute drive 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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Newmark Announces Sale of 248,661-Square-Foot Office Building in Plano’s Legacy Submarket
The recently built office building is fully leased to the headquarters of Aimbridge Hospitality
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