Newmark Completes Sale of Newly Renovated, 807,354-SF Office Campus in Richardson, Texas

November 12, 2024 11:00 AM

Newmark announces the sale of Lakeside Campus, a recently renovated Class A office property spanning 807,354 square feet, located at 2201 & 2221 Lakeside Boulevard in Richardson, Texas. Newmark Vice Chairmen Chris Murphy, Robert Hill and Gary Carr and Director Stephen Schwalb represented the seller, Trigild, in the transaction. The buyer was Provident Realty Advisors.

"We're seeing ongoing demand for high-quality, well-located office properties across the Dallas metro, and Lakeside Campus is a prime example of that," said Carr. "Add in the steady cash flow from existing tenants and upside potential through vacancy lease-up, it presented a solid investment opportunity all around."

Lakeside Campus is currently 69% leased to a high-quality tenant base anchored by RealPage and boasts a Weighted Average Lease Term (WALT) of approximately 3.9 years.

The property includes a 16-story office tower - recognized as the 2018 BOMA Building of the Year - as well as a four-story office building, abundant structured parking and an 18-acre site with a landscaped pond and jogging trail. Since 2015, over $13 million has been invested into property enhancements, including a contemporary lobby, a state-of-the-art fitness center, a full-service café and a tenant lounge.

Prominently situated along North Central Expressway (US-75), the property is just minutes from the University of Texas at Dallas and major corporate campuses such as State Farm, Blue Cross Blue Shield, Raytheon and Texas Instruments.

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 over $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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