June 16, 2022 11:00 AM
Newmark announces the sale of One Mockingbird Plaza, a recently renovated, 156,104-square-foot office located in Dallas’ dynamic Medical/Love Field District. Newmark Vice Chairmen Chris Murphy, Gary Carr, Robert Hill and Director Chase Tagen represented the seller, TXRE Properties.
One Mockingbird Plaza is prominently located along Mockingbird Lane, east of I-35E and is within five minutes of Dallas Love Field and flagship campuses for UT Southwestern Medical Center, Parkland Memorial Hospital and Children’s Medical Center. The recently renovated, eight-story office building includes a modernized lobby, conference facility and fully equipped fitness center. The adjacent three-level parking garage offers convenient structured parking. One Mockingbird Plaza is 94 percent leased to a diverse base of tenants.
“One Mockingbird Plaza’s appeal is driven by its recently completed renovations, strong in-place cash flow and location within Dallas’ premier emerging marketplace and developing life sciences cluster,” said Murphy. “In addition to its three major medical campuses, the surrounding area has received significant national attention from major life science tenants and investors, alike.”
The Dallas Medical/Love Field District houses seven hospitals and teaching institutions, employs more than 37,000 people and attracts nearly three million patients annually. The district includes major flagship campuses of UT Southwestern, which ranks among the world’s top academic medical centers; Children’s Health, the leading pediatric healthcare system in North Texas and one of the largest pediatric healthcare providers in the U.S. and Parkland Health & Hospital System, one of the largest public hospital systems in the country.
According to Newmark Research, the Dallas-Fort Worth Metroplex topped the list of U.S. markets for commercial real estate investment at the start of 2022. Roughly $2.6 billion in office investment took place in the Metroplex in the first quarter of 2022, a 112% increase year-over-year.
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 nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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