March 2, 2023 9:30 AM
Newmark announces the sale of Founders Square, a 274,010-square-foot, seven-story office property located at 900 Jackson Street in downtown Dallas. Newmark Vice Chairmen Gary Carr, Chris Murphy and Robert Hill and Director Chase Tagen represented the seller, Taiwanese investment firm Fidelity Commercial, in the sale to the buyer, Charter Holdings.
Built in 1914, Founders Square is one of the longest-operating office buildings in Dallas. The building, recognized with BOMA’s The Office Building of the Year (TOBY) award three times, features downtown views and an adjacent covered secure parking garage. Founders Square is within a few blocks of the AT&T Discovery District, the Omni Dallas Hotel, the ongoing redevelopment of the former Dallas Morning News campus and the Kay Bailey Hutchison Convention Center, which is adjacent to the site of a recently approved 2.5-million-square-foot convention center.
“As public-private partnerships continue to invest in the densification and reformation of Downtown Dallas, this transaction proves investor demand remains for well-located office properties in the CBD,” said Carr. “With transformative mixed-use developments continuing pace and residential growth on the rise, there is value in having a downtown address. Our team is proud to be a part of this transition and especially grateful to have assisted our client and all parties in completing this transaction.”
According to Newmark Research, in the near term, a reduced construction pipeline in Dallas-Fort Worth (DFW) will lead to rent and occupancy increases in submarkets with premier office product, as the flight-to-quality persists and the supply of these assets become more constrained. The metro’s office market’s long-term outlook remains positive and competitive given DFW’s strong economic fundamentals, helping it surmount any near-term challenging macroeconomic landscape.
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 approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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Newmark Announces Sale of 274,010-Square-Foot Office Asset in Downtown Dallas, Texas
Founders Square is one of Dallas’s longest operating office buildings
March 2, 2023 9:30 AM