Commercial real estate advisor and service provider Newmark Group, Inc. announced the sale of The Link at Uptown, the recently delivered, class AA office tower in the Uptown submarket of Dallas, Texas. The buyer, real estate investment trust Cousins Properties, reportedly paid $218 million for the trophy-grade asset.
Newmark Vice Chairmen Chris Murphy, Robert Hill, and Gary Carr, along with Director Austin Sheahan, worked on behalf of the seller, Kaizen Development Partners.
Completed in 2021, the property rises 25 stories above Olive Street and incorporates more than 290,000 square feet of rentable premium Dallas office space that was reportedly more than 90% leased at the time of sale with a weighted average lease term of more than nine years. Tenants include investment bank and financial services company Houlihan Lokey; digital marketing company PMG; and international law firm McGuireWoods.
The Link at Uptown office tower at 2601 Olive St. in Dallas
“We are excited to grow our presence in Dallas, and particularly the dynamic Uptown submarket, with the acquisition of The Link,” said Colin Connolly, president and chief executive officer of Cousins Properties. “With our strong balance sheet and financial flexibility, we have accretively acquired more than $1 billion of lifestyle office properties in the past nine months. The acquisition of The Link offers another compelling growth opportunity that is immediately accretive to earnings while enhancing our portfolio and geographic concentration.”
The property includes more than 9,300 square feet of retail on the ground floor. Floors 2 through 13 offer more than 870 parking spaces, while tenant indoor and outdoor amenities are concentrated on the 14th floor. These include customer lounge, fitness and conference centers; an outdoor terrace with an activity lawn and expansive views of the city; and The Kaizen Collection — a collection of overnight executive suites available exclusively to tenants and their guests.
Located in the heart of Uptown Dallas, the property was designed to serve as a link between Uptown, Victory Park, and Downtown Dallas. Boasting a nearly perfect Walk Score and situated just a few blocks from U.S. Highway 75, Interstate 35, and the Dallas North Tollway, The Link at Uptown is easily accessible.
“This transaction is a resounding endorsement for Dallas-Fort Worth and a clear indicator of the market’s strength,” Murphy said. “The outcome achieved here underscores investor conviction for best-in-class office and is a testament to the exceptional quality of the product delivered by our client, Kaizen. We look forward to the continued stewardship and success that The Link will experience under the new ownership of Cousins, one of the most respected and successful public REITs in the world today.”
The Link at Uptown incorporates more than 290,000 square feet of trophy Dallas office space.
