Newmark Executes Sale of 153,238-Square-Foot Office Building in Plano, Texas

January 16, 2024 9:00 AM

Newmark announces the sale of Parkway Centre IV, a 153,238-square-foot office building located along the Dallas North Tollway in Plano, Texas. The asset sold for an undisclosed amount.

Newmark Vice Chairmen Chris Murphy, Robert Hill, and Gary Carr represented the seller, an undisclosed financial institution, in the sale to the buyer, a California-based family office.

“Parkway Centre IV is positioned to capture tenant demand for exceptionally located office space in proximity to key decision makers in North Dallas,” said Murphy. “This asset offers an attractive discount to newer buildings in Legacy, while still providing access to the best-in-class amenities in the area.”

Located at 2701 Dallas Parkway, the property is situated on a 6.6-acre site and is comprised of six stories of highly visible office space with excellent regional connectivity and proximity to North Dallas’ most affluent residential neighborhoods.

Murphy added, “Considering the asset’s historically institutional ownership and vintage, new ownership will have a unique opportunity to prioritize leasing efforts and effectively compete with other prominent office destinations in Far North Dallas, especially given the attractive basis at acquisition.”

Constructed in 2006, the asset has undergone over $2 million in capital improvements since 2021, including the addition of an amenity center on the 6^th floor. The building is currently 82% leased to a diverse tenant base, including companies specializing in financial services, title services, hospitality, consulting and software solutions.

“We are proud to have advised our client through the disposition process during a turbulent capital markets environment and remain optimistic about the opportunities that lie ahead in the new year,” concluded Murphy.

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[1], 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] Non-seasonally adjusted data

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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