June 22, 2021 10:00 AM
Newmark announces the sale of Granite Tower, a recently renovated, 241,378-square-foot office asset with a high-visibility location along the LBJ Freeway corridor in Dallas, Texas. Newmark Vice Chairman Gary Carr, Robert Hill, Chris Murphy, and John Alvarado, and Director Chase Tagen represented the seller.
Located at 4055 Valley View Lane, Granite Tower comprises a 10-story, Class A office tower with a recently renovated lobby and high-end tenant finishes. The property offers garage and surface parking at a ratio of 3.7/1,000 square feet. In addition to a recently renovated lobby, Granite Tower offers on-site amenities including a tenant lounge, conference center and fitness center.
Granite Tower is 92 percent leased to a diverse base of tenants with minimal near-term rollover, generating a strong in-place cash flow. The property offers significant upside potential through the mark-to-market of in-place rents and continued conversion of new leases to a triple-net structure.
“This sale reflects the strong demand we are seeing for high-quality assets in Dallas-Fort Worth and across the state of Texas. The buyer was attracted to Granite Tower due to recent capital improvements, credit tenancy and durable cash flow stream for years to come,” said Hill. “We have seen tremendous activity on recent offerings and have closed 4 similar office transactions in the last 10 days. We expect this demand and momentum to continue for the balance of the year.”
Granite Tower is surrounded by ongoing and planned mixed-use redevelopment and is within 1.5 miles of the Galleria Dallas Mall, which offers dining, shopping and a Westin Hotel. With convenience to the Dallas North Tollway and LBJ Freeway, Granite Tower 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 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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