Newmark Awarded Exclusive Leasing Assignment of 1.2M SF Plaza of the Americas in Dallas

January 24, 2024 9:30 AM

Newmark announces it has been awarded the exclusive leasing assignment for Plaza of the Americas, a 1.2-million-square-foot mixed-use complex in Dallas, Texas. Newmark Executive Managing Directors Duane Henley and Nathan Durham and Associate Natalie Serio have been assigned to lease the project on behalf of the new ownership, a joint venture between Glen Park Capital & Shelbourne, a New York-based commercial real estate owner and management company. The assignment follows Newmark’s landmark sale and financing of the asset – announced in October – which marked one of the largest office sales to trade in Dallas for 2023[1].

“We are thrilled to be working with Glen Park and Shelbourne on the lease up of their first acquisition in Dallas,” said Henley. “Plaza of the Americas is an iconic asset with an excellent location in Downtown’s Arts District. New ownership is planning a multi-million-dollar renovation with best-in-class amenities that will attract tenants from every market sector.”

The asset is leased to a diverse tenant roster, with noteworthy occupants including the Federal Deposit Insurance Corporation (FDIC), CNA Insurance, Thompson Coe and Capital One. The property’s available space is well-suited to attract additional large users amid the ongoing flight-to-quality trend.

The two 25-story towers contain over one million square feet of office space and 120,000 square feet of retail and dining space. On-site amenities include a conference center and training rooms, a fitness center with outdoor tennis and basketball courts, daycare, banking and an eight-story parking garage. The iconic towers are linked by a recently renovated glass atrium and sit directly adjacent to the 400-room Dallas Marriot Downtown.

Located at 600 and 700 North Pearl Street, Plaza of the Americas enjoys a transit-oriented location near the Dallas Arts District, Klyde Warren Park, Pearl Street Station and the Dallas Museum of Art. The property further benefits from the transformative development of the Downtown Dallas submarket, witnessing a total area investment surpassing $4 billion.

Dallas-Fort Worth office-using employment continues to remain at a historical high as of the end of November 2023. The metroplex reported 1.31 million office workers, an increase of 69.2% compared to 2010 and an increase of 22.7% compared to 2019 employment levels, according to Newmark Research. The continued strength and growth in the market’s office employment reflect an enduring appetite for office assets. The Dallas-Fort Worth office market’s long-term outlook remains positive and competitive given the market’s strong economic fundamentals, such as a diversified labor pool and continued office-using jobs growth.

[1] Largest Purchase Price, per Real Capital Analytics

About Newmark
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. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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