Newmark : Announces Sale of 210,465-Square-Foot Office Asset in North Dallas

December 13, 2022 at 10:00 AM

Newmark announces the sale of Wellington Centre, a 210,465-square-foot office property located at 14643 North Dallas Parkway in Dallas, Texas. Newmark Vice Chairmen Gary Carr, Chris Murphy, Robert Hill and Director Chase Tagen represented the seller, Taiwanese investment firm Fidelity Commercial, in the sale to the buyer, Pratt Street Capital.

Wellington Centre comprises a 10-story, Class A office tower with an adjacent parking garage situated on three acres along the west side of the Dallas North Tollway. Built in 1986 and renovated in 2015, Wellington Centre features a café with a dining area, a modernized conference center, several tenant lounges and outdoor seating areas. Wellington Centre is 91 percent leased to a diverse base of tenants.

"This transaction reflects the continued investor demand in DFW, one of the nation's top corporate relocation destinations and business-friendly environments," said Carr. "Our team is proud to have assisted our client and all parties in completing this transaction."

Positioned on the Dallas North Tollway, Dallas' premier thoroughfare, Wellington Centre is surrounded by North Texas' preeminent corporate headquarters, affluent residential neighborhoods and the finest retail and entertainment. With priceless visibility and direct access to multiple highways, the property is within 20 minutes of Dallas/Fort Worth International Airport and Dallas Love Field.

Despite capital markets headwinds, the Dallas Capital Markets group of Carr, Murphy, Hill and Tagen has successfully closed transactions approaching $600 million in Dallas-Fort Worth since May 2022.

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. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark's company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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