June 7, 2021 9:00 AM
Newmark announces the sale of Legacy R&D Portfolio, a 374,085-square-foot, campus-style business park located in Dallas/Fort Worth’s premier Legacy submarket. Newmark Vice Chairman Gary Carr, Chris Murphy, John Alvarado, and Robert Hill, and Director Chase Tagen represented the seller.
Located on 40 acres at Tennyson Parkway and Pinecrest Drive in Plano, Texas, the Legacy R&D Portfolio is 85 percent leased and comprised of seven single-story buildings with modern office and R&D space and surface parking at a well above-market ratio of 6/1,000 per square feet. Completed between 2006 and 2012, the buildings feature significant clear heights, dedicated exterior entrances to tenant suites and no shared HVAC system, making the property extremely appealing to tenants in a post-COVID-19 world.
“This sale reflects the significant uptick in demand we have seen from tenants and investors alike for single-story research and development space with existing healthcare and life science tenancy, providing a strong base for future re-positioning towards these niche product types,” said Murphy. “Competitive interest in the Legacy R&D Portfolio was also driven by the property’s expansive site, unique building features and exceptional Legacy address.”
The Legacy R&D Portfolio’s highly amenitized location features access to best-in-class dining, shopping and entertainment at The Shops at Legacy and Legacy West Urban Village. Proximate to the Dallas North and Sam Rayburn tollways, the Legacy R&D Portfolio is located within 20 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 services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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