Transaction Marks Largest Office Sale1 by
Consideration and Square Footage in North America
Year-To-Date2
DALLAS, Nov. 1, 2023
/PRNewswire/ -- Newmark announces the sale of CityLine, a 2.2
million-square-foot mixed-use property comprised of four
purpose-built office buildings, occupied by State Farm (S&P:
AA), 120,000 square feet of retail space and a 42,000-square-foot
medical office building in Richardson,
Texas.
Newmark Vice Chairmen Chris
Murphy, Robert Hill and
Gary Carr, in cooperation with
Co-Head, U.S. Capital Markets Kevin
Shannon, Vice Chairman Ken
White and Divisional Head of International Capital
Markets Alex
Foshay, represented the seller, Mirae Asset Global
Investments. Newmark Vice Chairman
David Milestone and Directors Josh
Francis and Henry
Cassiday provided debt capital markets advisory in
executing the sale.
"CityLine is a dynamic development, well-situated to reap
long-term appreciation, as the Metroplex continues to grow north.
Highly sought after due to the project's contractual lease
obligations from investment-grade tenancy, CityLine provided
investors with capital preservation, coupled with significant
upside opportunities," said Murphy.
Shannon commented, "This transaction is the largest office sale
in the nation this year and involved extensive outreach for both
debt and equity globally, creating a competitive process despite
the large scale."
The property, located at 1150, 1201, 1251 and 1415 State Street
and 3661 N. Plano Road, in the City of
Richardson, at the intersection of US-75 and President
George Bush Turnpike, was thoughtfully developed to embody a
live-work-play environment. The four office buildings, constructed
in 2016, are the focal point of the master-planned, 186-acre
suburban development located at the connection of two major Dart
Rail Lines. Consisting of eight luxury apartment complexes, 30
restaurants and bars, a 148-key Aloft hotel and 21 acres of green
space and walking trails, the project is the pinnacle of
contemporary walkability and desirable amenities.
Dallas-Fort Worth office-using
employment continues to remain near historical high at the end of
August 2023. The metroplex reported
1.28 million office workers, an increase of 67.6% compared to 2010,
and an increase of 21.5% compared to 2019 employment levels,
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.
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.
Discussion of Forward-Looking Statements about
Newmark
Statements in this document regarding Newmark 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.
These include statements about the effects of the COVID-19 pandemic
on the Company's business, results, financial position, liquidity
and outlook, which may constitute forward-looking statements and
are subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, Newmark 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's Securities and
Exchange Commission filings, including, but not limited to, the
risk factors and Special Note on Forward-Looking Information set
forth in these filings and any updates to such risk factors and
Special Note on Forward-Looking Information contained in subsequent
reports on Form 10-K, Form 10-Q or Form 8-K.
1 Fee Simple Sale
2 Largest Office Sale by Consideration and Square
Footage in North America Year-To-Date through October 31, 2023, per MSCI Real Capital
Analytics
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SOURCE Newmark Group, Inc.