Newmark Selected to Lease Fully Renovated, 110,000-Square-Foot Office Property in Uptown Dallas

August 30, 2023 10:00 AM

Newmark announces it has been awarded the exclusive leasing assignment of 2501 Cedar Springs, a fully renovated, 110,000-square-foot office property in Dallas, Texas. Completed in July 2023, the $8 million capital improvement has entirely repositioned the property as a Class A boutique office building within the Uptown Dallas submarket.

Newmark Executive Managing Director Nathan Durham and Associate Natalie Serio have been assigned to lease the upgraded space on behalf of the ownership, Grupo Haddad.

“2501 Cedar Springs presents an exceptional opportunity for users seeking a fully upgraded workplace within one of Dallas’ most sought-after office submarkets,” said Durham. “With an outstanding walkability factor, nearby amenities and a total renovation that has elevated every aspect of the property, from functionality to aesthetic, we are confident this asset will attract considerable tenant attention.”

The new renovation introduces a state-of-the-art luxury lobby, a ground-floor restaurant with a patio overlooking Cedar Springs, a tenant conference center, an upgraded parking garage, ample greenspace and enhanced common areas and restrooms. Significant improvements were also made to the building’s systems and equipment, including electrical rooms, elevators and security.

Additionally, the property’s exterior exhibits a new, striking mural designed and executed by renowned Japanese artist Daisuke Okamoto. The forty-foot, six-story high installation features tributes to prominent Dallas landmarks and skyline and serves as an exquisite addition to the vibrant Uptown Dallas neighborhood.

Built in 1982, 2501 Cedar Springs features seven stories, divisible to single floors ranging from 7,000 to 17,125 rentable square feet. The property includes garage parking at a ratio of 3.0/1,000.

Located within the notably walkable Uptown Dallas neighborhood, the property is proximate to a plethora of restaurant, shopping and multifamily locations, as well as high-profile office assets and tenants. The property is minutes from the McKinney & Boll South Transit Stop, a 10-minute drive from the Dallas Love Field Airport and a 22-minute drive from the Dallas/Fort Worth International Airport.

According to Newmark Research, in the near term, a reduced construction pipeline in Dallas-Fort Worth (DFW) will lead to rent and occupancy increases in submarkets with premier office product as the flight-to-quality persists and the supply of these assets become more constrained. The metro office market’s long-term outlook remains positive and competitive given DFW’s strong economic fundamentals, such as a diversified labor pool and continued office-using jobs growth, helping it surmount any near-term challenges and macroeconomic headwinds.

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 year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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