February 28, 2023 9:30 AM
Newmark announces the sale of Crestview Tower, a 262,962-square-foot, Class A office property in the heart of Las Colinas, Texas. Newmark Vice Chairmen Robert Hill, Chris Murphy, Gary Carr and Director Chase Tagen represented the seller, CapRidge Partners, in the sale.
Crestview Tower is conveniently located along John Carpenter Freeway, adjacent to the core of Las Colinas’ urban center, offering premier visibility and accessibility to the highly traversed corridor. The 12-story office building on an expansive 10.1-acre site underwent major renovations in 2015. The property’s community amenities include a conference center, fitness center and locker rooms, tenant lounge and outdoor green space.
“In the face of macroeconomic headwinds, this transaction signals the strength of Dallas/Fort Worth’s capital markets and private capital’s continued appetite for high-quality real estate in Dallas’ most prominent submarkets,” said Hill. “Our team is especially proud to have assisted our client and all parties in completing this transaction.”
Crestview Tower is 78 percent leased to a diverse base of tenants, with over three and a half years of remaining lease term. The property will continue to benefit from the neighboring development, specifically Wells Fargo and Christus Health’s future offices.
About CapRidge Partners
CapRidge Partners (“CapRidge”) is a vertically integrated investment management company with decades of experience as both a local operator and an institutional investor. Their strategy is to acquire well-located office and flex/light industrial assets in nine select U.S. markets. They target assets that offer opportunities to add value by providing proactive management, delivering enhanced customer service and wellness amenities, leasing to stabilized occupancies, marking-to-market expiring leases, and completing capital projects. Since 2012, CapRidge has acquired 81 office and flex/light industrial buildings.
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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