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January 16, 2024 9:00 AM

�ǿ�����app���� announces the sale of Parkway Centre IV, a 153,238-square-foot office building located along the Dallas North Tollway in Plano, Texas. The asset sold for an undisclosed amount.

�ǿ�����app���� Vice Chairmen Chris Murphy, Robert Hill, and Gary Carr represented the seller, an undisclosed financial institution, in the sale to the buyer, a California-based family office.

“Parkway Centre IV is positioned to capture tenant demand for exceptionally located office space in proximity to key decision makers in North Dallas,�� said Murphy. “This asset offers an attractive discount to newer buildings in Legacy, while still providing access to the best-in-class amenities in the area.��

Located at 2701 Dallas Parkway, the property is situated on a 6.6-acre site and is comprised of six stories of highly visible office space with excellent regional connectivity and proximity to North Dallas�� most affluent residential neighborhoods.

Murphy added, “Considering the asset’s historically institutional ownership and vintage, new ownership will have a unique opportunity to prioritize leasing efforts and effectively compete with other prominent office destinations in Far North Dallas, especially given the attractive basis at acquisition.��

Constructed in 2006, the asset has undergone over $2 million in capital improvements since 2021, including the addition of an amenity center on the 6^th floor. The building is currently 82% leased to a diverse tenant base, including companies specializing in financial services, title services, hospitality, consulting and software solutions.

“We are proud to have advised our client through the disposition process during a turbulent capital markets environment and remain optimistic about the opportunities that lie ahead in the new year,�� concluded Murphy.

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[1], according to �ǿ�����app���� 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.

[1] Non-seasonally adjusted data

About �ǿ�����app����
�ǿ�����app���� Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“�ǿ�����app������), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. �ǿ�����app����’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, �ǿ�����app���� provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, �ǿ�����app���� generated revenues of approximately $2.7 billion. As of September 30, 2023, �ǿ�����app����’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow .

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