Newmark To Lease Upgraded Dallas Property

The seven-story office building totals 110,000 square feet. Image courtesy of CommercialEdge

Owner Grupo Haddad has tapped Newmark as exclusive leasing agent for its 110,000-square-foot office building in Uptown Dallas. The property went through an $8 million capital improvement program that was completed in July.

The current ownership picked up the asset in 2013. Newmark’s team of Executive Managing Director Nathan Durham and Associate Natalie Serio will be marketing the property for lease. The building’s previous leasing agent was CBRE and Gamecraft Studios is part of the current roster, according to CommercialEdge.

Dating back to 1982, the seven-story property is located at 2501 Cedar Springs Road. The building includes three passenger elevators, 17,000-square-foot floor plates and 350 vehicle parking spots, the same source shows.

The improvement plan resulted in a luxury lobby, a conference center, a renovated parking facility, upgraded common areas and restrooms, a ground-floor restaurant and outdoor green spaces. The building’s electrical rooms and systems, elevators and security services were also improved.

2501 Cedar Springs sits on approximately 2 acres, close to Interstate 35 and to multiple bus stops, being 4 miles from Dallas Love Field Airport, 16 miles from Dallas Fort Worth International Airport and within 33 miles of Fort Worth, Texas.

Office leasing in Dallas

As of July, Dallas’ average listing rate reached $27.3 per square foot, significantly lower than the national average of $37.9 per square foot that month, according to the latest CommercialEdge office report. The metro had one of the lowest rates among all U.S. markets and recorded the second biggest drop in the average listing rate on a year-over-year basis.

Earlier this month, Clarion Partners secured a major tenant at One Victory Park, a 436,000-square-foot, 20-story office building in Dallas. HF Sinclair Corp. will occupy 90,609 square feet at the property. In June, Menlo Equities signed a full-building lease with HVAC systems manufacturer Texas AirSystems, at Royal Ridge II.