Newmark Facilitates Sale of 427,799-SF Office Campus in Dallas' Sought-After Preston Center Submarket
Newmark has facilitated the sale of Preston Commons, a three-building, 427,799-square-foot office campus in Dallas' Preston Center submarket. The property, which is 93% leased, represents the largest office sale in Texas in 2024. The campus has received $24 million in capital investments over the last decade for luxury renovations and enhancements. Located at 8111, 8115, and 8117 Preston Road, the property features high-end amenities including a modern tenant lounge, state-of-the-art board room, upscale restaurant, and outdoor recreational space.
Newmark ha facilitato la vendita di Preston Commons, un campus di uffici con tre edifici e una superficie di 427.799 piedi quadrati situato nel sottoborghi di Preston Center a Dallas. La proprietà, che è affittata al 93%, rappresenta la più grande vendita di uffici in Texas nel 2024. Nel corso dell'ultimo decennio, il campus ha ricevuto 24 milioni di dollari in investimenti per ristrutturazioni e migliorie di lusso. Situato al 8111, 8115 e 8117 di Preston Road, il complesso offre servizi di alta gamma, tra cui una moderna lounge per inquilini, una sala riunioni all'avanguardia, un ristorante elegante e uno spazio ricreativo all'aperto.
Newmark ha facilitado la venta de Preston Commons, un campus de oficinas de tres edificios y 427,799 pies cuadrados en el submercado de Preston Center en Dallas. La propiedad, que está alquilada en un 93%, representa la mayor venta de oficinas en Texas en 2024. Durante la última década, el campus ha recibido 24 millones de dólares en inversiones de capital para renovaciones y mejoras de lujo. Ubicado en 8111, 8115 y 8117 Preston Road, la propiedad cuenta con comodidades de alta gama, que incluyen una moderna sala de inquilinos, una sala de juntas de última generación, un restaurante de lujo y un espacio recreativo al aire libre.
뉴마크는 댈러스 프레스턴 센터 하위 시장에 위치한 427,799 제곱피트 규모의 3개 건물로 이루어진 프레스턴 커먼스의 매각을 촉진했습니다. 이 자산은 93% 임대되어 있으며, 2024년 텍사스에서 가장 큰 사무실 매매를 의미합니다. 지난 10년 동안 이 캠퍼스는 고급 리노베이션 및 개선을 위해 2400만 달러의 자본 투자를 받았습니다. 8111, 8115 및 8117 프레스턴 로드에 위치한 이 부동산은 현대적인 세입자 라운지, 최첨단 회의실, 고급 레스토랑 및 야외 레크리에이션 공간과 같은 고급 편의 시설을 갖추고 있습니다.
Newmark a facilité la vente de Preston Commons, un campus de bureaux composé de trois bâtiments et d'une superficie de 427 799 pieds carrés, situé dans le sous-marché de Preston Center à Dallas. La propriété, qui est louée à 93 %, représente la plus grande vente de bureaux au Texas en 2024. Au cours de la dernière décennie, le campus a reçu 24 millions de dollars d'investissements en capital pour des rénovations et des améliorations de luxe. Situé au 8111, 8115 et 8117 Preston Road, la propriété dispose de commodités haut de gamme, notamment un salon moderne pour les locataires, une salle de réunion à la pointe de la technologie, un restaurant haut de gamme et un espace récréatif extérieur.
Newmark hat den Verkauf von Preston Commons erleichtert, einem Bürokomplex mit drei Gebäuden und einer Fläche von 427.799 Quadratfuß im Preston Center-Untermarkt in Dallas. Die Immobilie, die zu 93 % vermietet ist, stellt den größten Bürokauf in Texas im Jahr 2024 dar. In den letzten zehn Jahren hat der Campus 24 Millionen Dollar an Kapitalinvestitionen für luxuriöse Renovierungen und Verbesserungen erhalten. Die Immobilie, gelegen an der Preston Road 8111, 8115 und 8117, bietet hochwertige Annehmlichkeiten, darunter eine moderne Mieter-Lounge, einen hochmodernen Besprechungsraum, ein gehobenes Restaurant und einen Außenbereich zur Erholung.
- Property is 93% leased, indicating strong occupancy
- $24 million in yield-generating capital investments over the past decade
- Largest office sale transaction in Texas for 2024
- Prime location in sought-after Preston Center submarket
- Transaction completed amid challenging office investment market conditions
Insights
The sale of Preston Commons represents a significant transaction in the challenging office real estate market. The 427,799-square-foot campus, with its
The transaction's significance as the largest office sale in Texas for 2024 indicates continued investor appetite for high-quality office assets in prime locations, even amid general market skepticism. The successful sale suggests that well-positioned, amenity-rich office properties in affluent areas can still attract buyers and maintain liquidity, though likely at adjusted valuations reflecting current market conditions.
Transaction Marks Largest Office Sale1 in
Preston Commons is
"Against a backdrop of challenging office investment market rhetoric, the sale of Preston Commons proved that liquidity remains for
Preston Commons boasts an array of high-end amenities, including a modern tenant lounge, a state-of-the-art board room, an on-site upscale restaurant and an abundance of outdoor recreational space. The campus is located at 8111, 8115 and 8117 Preston Road, situated minutes from the Dallas North Tollway, Northwest Highway and is bordered by the city's most affluent neighborhoods.
"Despite some of the office sector and capital markets headwinds, we are proud to have been able to achieve a successful outcome for a long-term client," said Hill. "By working closely together from start to finish – identifying the right buyer and managing the intricacies of a challenging market – we were able to deliver results that closely align with their strategic goals."
The sale of Preston Commons builds on the Newmark team's track record of handling marquee assignments. In 2023, the team, in cooperation with Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairman Ken White and Divisional Head of International Capital Markets Alex Foshay, completed the sale of CityLine, marking the largest office sale by consideration and square footage in
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 twelve months ended September 30, 2024, Newmark generated revenues of approximately
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 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 Real Capital Analytics data |
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SOURCE Newmark Group, Inc.
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