November 22, 2022 9:00 AM
Newmark has been awarded the exclusive leasing assignment for Towers at Park Central, an 875,000-square-foot office park located at 12750, 12770 and 12790 Merit Drive in Dallas, Texas. Newmark Executive Managing Directors Nathan Durham and Duane Henley and Associate Natalie Serio have been hired to lease the project on behalf of the new owner, Morning Calm Management, a vertically integrated real estate management firm.
“We are thrilled to lease this best-in-class office asset on behalf of the new ownership,” said Durham. “Morning Calm Management plans to add market-leading amenities to the asset, attracting tenants from every market sector. When you combine the planned amenities with the most recent upgrades, Towers at Park Central will offer one of the best values in Dallas.”
“We expect Towers at Park Central to be our first of many acquisitions in the Dallas-Fort Worth market. Some of the most dynamic companies in Texas, and the world, are choosing to grow in Dallas, and we are excited to have the chance to serve their real estate needs,” said Bryan Zenchyk, Senior Managing Director of Morning Calm Management. “Towers at Park Central is an iconic asset with unmatched visibility along North Dallas’s most traveled arteries. We look forward to bringing our creative vision, along with a unique approach to leasing and management, to this property.”
Towers at Park Central’s major tenants include SCP Health, Daisy Brand, Arthur J. Gallagher, Milliman and other globally recognized brands. With a 27,000-square-foot floorplate, the park’s floorplans can accommodate a variety of office layouts. The property also boasts direct connectivity to the four-star Westin Park Central. The park’s former ownership invested $7.5 million in renovations and upgrades to the towers, earning a BOMA International TOBY award for ‘Outstanding Building of the Year’ in the Renovated category.
Building amenities include conference center and training rooms, fitness center and locker rooms, tenant lounge and on-site food options. The building also offers several sustainability-minded features, including LEED certification, outdoor seating with WiFi, bike storage with lockers and eco car charging stations. Structured tenant parking is offered at a ratio of 4 per 1,000 square feet with toll tag entry. The park’s crown signage, which garners 300,000 impressions per day, is available to larger tenants.
Towers at Park Central is located at the corner of LBJ Freeway (I-635) and US-75. This ideal location offers tenants a convenient commute from North Dallas, Highland Park, Preston Hollow, Richardson, Plano and the surrounding communities. The towers also offer proximity to attractions including the Dallas Galleria, White Rock Creek Trail, Northwood Club and the Westin Hotel.
According to Newmark Research, the Dallas-Fort Worth Metroplex, along with Atlanta, 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. The area has also been a popular target for corporate relocations, especially among tech companies. In 2021, 21 companies relocated their headquarters to the DFW Metroplex, with an additional 7 relocations to the area from out-of-state during the first quarter of 2022.
About Morning Calm Management
Morning Calm Management is a vertically integrated real estate investment and management firm with a focus on special situation investing. Through its affiliates, the firm owns and manages 9.5 million square feet of commercial real estate throughout the United States on behalf of private and institutional capital.
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 approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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