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.
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
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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
SOURCE Newmark Group, Inc.
Originally published at https://www.prnewswire.com/news-releases/newmark-facilitates-sale-of-2-2-million-square-foot-mixed-use-corporate-campus-in-dallasfort-worth-301974818.html
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