Newmark Homes Steps Up to Class A HQ Space With Seven-Year Deal

Jerry Averyt with Henry S. Miller Commercial in Dallas tells GlobeSt.com that Newmark Homes inked a seven-year lease after spending nearly a year searching for a regional headquarters location. The winning building was up against all class A office properties in the LBJ Freeway corridor and along the Dallas North Tollway as far north as Texas 121. The 344,216-sf Park West II, located at 1505 LBJ Freeway, "gives them proximity to all their developments in the metroplex," says the tenant rep for Newmark, a 23-year-old division of iNest Realty Inc. from Bloomingdale, IL.

Averyt says Newmark Homes now offices at 11498 Luna Rd. in a class B building, where it will have roughly three months left on its lease when the move takes place. The new deal represents one of the first local leases signed by Brandywine Realty Trust of Plymouth Meeting, PA after its $3.3-billion takeover of Dallas-based Prentiss Properties Trust. Negotiations with Duane Henley, now with the Brandywine team, produced "a pretty good allowance for tenant improvements," Averyt says. Park West II's space is on the market for $18 per sf plus electric.