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Newmark has announced that it has signed an 8,454 square foot lease for a new location for its Northern Dallas office, at 5201 Tennyson Parkway, in Legacy Business Park, in Plano - nearly doubling the square footage of its former office. Newmark Executive Managing Director John Wolf, SIOR, represented Newmark in the lease transaction.
The new Plano office, measuring 8,454 square feet, houses operations, corporate revenue groups and experts from several important Newmark services such as Retail Occupier Services, Account Transition and Governance, Property Management, and Global Corporate Services, including Lease Administration.
“Newmark’s new office at Legacy Business Park offers an ideal location with easy access to the majority of North Dallas, with accessibility to the airports, as well as immediate access to multifamily, single family housing and quality retail,” commented President - Texas and Vice Chairman Neal Golden, who leads Newmark operations and expansion initiatives for the state of Texas. “The Frisco/Far North submarket is continuing to experience abundant growth with a great deal of movement in the area. As the population expands to the north, it makes sense to have an office available to the workforce in the northern Dallas suburbs.”
With nearly 400,000 square feet of leasing in the first quarter of 2019, and nearly 2.4 million square feet of leasing in 2018, the Frisco/Far North submarket has remained highly desirable to a variety of users. With an average lease transaction size of 10,812 square feet in the first quarter of the year, users are actively looking for space in the submarket that can accommodate the growth needed. With Class A rents exceeding $32.00/square foot gross, the submarket’s landlords are likewise able to take advantage of the desirability and demand.
Situated at the northwest corner of Tennyson Parkway and Windcrest Drive, Legacy Business Park offers a campus-like corporate setting with immediate access to the North Dallas Tollway, State Highway 121, State Highway 190 and Preston Road. Legacy 7, at 5201 Tennyson Parkway, was built in 2015 and is a two-story, 124,731 square foot, multi-tenant office asset offering fully customizable crisp, modern and bright interiors in a park-like environment with abundant parking.
“We have transitioned approximately 35 individuals to the new Plano office,” explained Christopher Leehy, senior managing director of Newmark’s Retail Occupier Services, a specialty practice within Newmark’s Global Corporate Services platform and the largest group in the office.
Newmark’s Retail Occupier Services (ROS) provides outsourced real estate functions for retail and multi-location companies including predictive analytics & strategic planning, site selection management, project management, facilities maintenance, asset management and lease administration services. Providing customized solutions to retail occupiers, ROS creates value for retail companies through footprint optimization, lowered risk strategies and profitability optimization.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.