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1/25/24
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Newmark was awarded the leasing assignment for Plaza of the Americas, a 1.2 msf, mixed-use complex in Dallas. The asset is owned by a joint venture between Glen Park Capital and Shelbourne, a New York-based commercial real estate owner and management company.
The assignment follows Newmark’s sale and financing of the asset – announced in October – which marked one of the largest office sales to trade in Dallas for 2023. Newmark’s Duane Henley, Nathan Durham and Natalie Serio will be overseeing the leasing duties.
The asset is leased to a diverse tenant roster, with noteworthy occupants including the Federal Deposit Insurance Corporation (FDIC), CNA Insurance, Thompson Coe and Capital One. The property’s available space is well-suited to attract additional large users amid the ongoing flight-to-quality trend.
The two 25-story towers contain over 1 msf of office space and 120k sf of retail and dining space. On-site amenities include a conference center and training rooms, a fitness center with outdoor tennis and basketball courts, daycare, banking and an eight-story parking garage. The iconic towers are linked by a recently renovated glass atrium and sit directly adjacent to the 400-room Dallas Marriot Downtown.
Located at 600 and 700 North Pearl St, Plaza of the Americas enjoys a transit-oriented location near the Dallas Arts District, Klyde Warren Park, Pearl Street Station and the Dallas Museum of Art. The property further benefits from the transformative development of the Downtown Dallas submarket, witnessing a total area investment surpassing $4 bil.
The new ownership is planning a multi-million-dollar renovation to the property with best-in-class amenities that will attract tenants from every market sector.
Dallas-Fort Worth office-using employment continues to remain at a historical high as of the end of November 2023. The metroplex reported 1.31 million office workers, an increase of 69.2% compared to 2010 and an increase of 22.7% 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.
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