Newmark Awarded Leasing Assignment for 332,401-Square-Foot Office Property in Houston, Texas

June 1, 2023 10:00 AM

Newmark announces it has been awarded the marketing and leasing assignment of 2000 St. James Place, a 332,401-square-foot office building located in Houston, Texas.

Newmark Executive Managing Director David Baker and Director Kristen Baker are assigned to lease the property on behalf of the landlord, Principal Asset Management. David Baker has worked with Principal Asset Management throughout the last twenty-five years and has served as an exclusive leasing advisor for 2000 St. James Place since 2012.

2000 St. James Place is a 13-story, LEED-Gold Certified building situated on a 6.23-acre lot with ample on-site parking, located minutes away from The Galleria Shopping Center – Texas’ largest indoor mall with over 2 million square feet of shops and restaurants. The building’s Class A amenities include a fitness center, conferencing facility, food service area and day care facility.

According to Newmark Research, leasing activity across the Houston office market totaled 2.9 million square feet for the first quarter of 2023, while net absorption edged into positive territory at 584 square feet. While the Houston office market will likely see subdued growth this year, the market’s long-term outlook remains positive and competitive given the market’s long-term demand drivers and strong economic fundamentals.

About Principal Asset Management^SM
With public and private market capabilities across all asset classes, Principal Asset Management^SM and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.¹ Its dedicated real estate investment team manages or sub-advises $97.9 billion in commercial real estate assets.¹ The firm’s real estate capabilities include both public and private equity and debt investment alternatives.

Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $517.8 billion in assets¹ and recognized as a Top 10 “Best Places to Work in Money Management²” for 11 consecutive years. Learn more at www.PrincipalAM.com.  

[1] As of March 31, 2023
[2] Pensions & Investments, “The Best Places to Work in Money Management”, December 12, 2022. 

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 March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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