August 27, 2021 11:00 AM
Newmark announces the sale of 600 East Las Colinas, a 512,269-square-foot office asset located in the Las Colinas Urban Center — Dallas/Fort Worth’s premier corporate destination. Newmark Vice Chairmen Gary Carr, Robert Hill, Chris Murphy and John Alvarado and Director Chase Tagen represented the seller.
“This sale reflects the growing demand we are seeing for high-quality, value-add profile assets in top tier submarkets across Dallas/Fort Worth. The new ownership plans to upgrade common areas and amenities in order to take advantage of the continued positive leasing momentum in the DFW market,” said Carr. “With DFW leading the nation in the return to the office, we expect investors to continue to seek out opportunities where they can add value to an asset and capture the tremendous growth story we see playing out.”
The 22-story, Class A office tower is 77 percent leased to a diversified base of high-quality tenants, including JPI Companies, which is headquartered at the property. 600 East Las Colinas features significant upside potential through the mark-to-market of in-place rents and the lease-up of prime corporate space.
The high-profile property is proximate to upscale hotels, residences, retail and restaurants along with DART’s light rail line with two stops in the Urban Center and connection to DFW Airport. The property has immediate access to SH 114 and Loop 12 and is within a 10-minute drive of DFW Airport and Dallas Love Field.
600 East Las Colinas overlooks Lake Carolyn, offering panoramic views and large floor plates averaging between 22,000 and 23,000 square feet. On-site amenities include Murphy’s Deli, a recently renovated fitness center and conference room and abundant structured parking. The pedestrian-friendly neighborhood features Toyota Music Factory, retail and residences at Water Street and the Irving Convention Center.
Dominus Commercial, Inc. has partnered with Convergent Capital Partners in the purchase of 600 East Las Colinas. “The new ownership group has committed approximately 20 million in renovation dollars to include a completely new HVAC and filtration system that actively combats virus and other air pollutants, a new full-service fitness center with an outdoor workout area, a restaurant with outdoor seating, a tenant lounge with wine bar and a conference center seating up to 150, along with other common area improvements,” said Stephen LaMure, President and CEO of Dominus Commercial.
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. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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