Transaction Marks Largest Office Sale1 in Texas in 2024

DALLAS, Nov. 21, 2024 /PRNewswire/ -- Newmark announces it has arranged the sale of Preston Commons, a three-building, 427,799-square-foot office campus located in Dallas' coveted Preston Center submarket. Newmark Vice Chairmen Robert Hill, Chris Murphy and Gary Carr represented the seller in the transaction.

Preston Commons is 93% leased to a distinguished roster of tenants. Over the last decade, approximately $24 million in yield-generating capital has been invested into the campus to support luxury renovations and building enhancements. The campus is positioned within walking distance of Dallas' most desirable shops and restaurants, further enhancing its appeal within the Preston Center submarket.

"Against a backdrop of challenging office investment market rhetoric, the sale of Preston Commons proved that liquidity remains for Dallas' premier assets," said Murphy. "We are proud to have worked closely with key clients to achieve the largest office sale by volume in the state of Texas for the second year in a row."

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 Texas for that year. Newmark Directors Josh Francis and Henry Cassiday, among others, provided debt capital markets advisory in executing the sale of CityLine.

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 $2.6 billion. As of that same date, Newmark's company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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SOURCE Newmark Group, Inc.