September 13, 2021 10:30 AM
Newmark announces the sale of Fourteen555, a 249,564-square-foot, Class A office building located at 14555 North Dallas Parkway in Dallas, Texas. Completed in 2018, Fourteen555 comprises a six-story, best-in-class office building that is 100 percent leased to a roster of credit-quality tenants with 11 years of remaining lease term. Newmark Vice Chairmen Robert Hill, Chris Murphy, Gary Carr, and John Alvarado and Director Chase Tagen represented the seller. Vice Chairman David Milestone, Senior Managing Director Brett Green and Director Josh Francis represented the buyer in the sourcing of acquisition financing.
Fourteen555 offers high-end office space with large floor plates, a modern conference center and covered access to structured parking. The property also includes a three-story amenity building that includes a Parkway Café & Terrace, a fully equipped fitness center and a rooftop lounge and event space.
“This sale reflects the incredible demand we are seeing for newer vintage assets in high-growth submarkets across the state of Texas. Given the 11 years of WALT and roster of credit-quality tenants, Fourteen555 drew interest from a wide variety of institutional capital ultimately resulting in another example of strong investment in Dallas,” said Hill.
“We are very pleased to play a role in assisting our client execute the disposition of Fourteen555, and trust that this will be a sound investment for the new ownership,” added Murphy.
Fourteen555 is surrounded by ongoing and planned mixed-use redevelopment and is within five minutes of the Galleria Dallas Mall and Addison’s Restaurant Row. Prominently located at the Dallas North Tollway just north of LBJ Freeway, the property is easily accessible from all directions and 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, 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. To learn more, visit nmrk.com or follow @newmark.
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