Earlier this month, Newmark announced its acquisition of Dallas-based OpenRealty Advisors and Open Realty Properties. Now, it has revealed that it’s consolidating its three North Texas offices into about 46,350 square feet at The Link in Uptown, one of the city’s newest office towers. The 25-story building is situated between Uptown and Victory Park, at 2601 Olive Street.
The firm will occupy floors 15 and 16 in the building, coming out of space at 2515 McKinney, 12770 Merit Drive (former home of Jackson Cooksey, which Newmark acquired in 2018, a few years after it bought ARA Advisors), and 14114 North Dallas Parkway. It will keep its office in Legacy Business Park.
As part of the agreement, Newmark will get high-profile building signage on the north side of The Link, facing the Dallas North Tollway.
The consolidation will give the firm a chance to better leverage opportunities, said Ran Holman, executive vice president and Texas market leader.
“The best thing that can come out of mergers is capturing the best aspects of each of the old cultures and bringing them to a new collective culture,” he said. “Whether it’s Open Realty, or the former ARA, or former Jackson Cooksey—they’re all great businesses on their own, but the real opportunity is the lift that comes from connecting those pieces and having everyone collaborate and share. The chance to be together day to day is exciting.”
Executive Managing Director John Wolf represented Newmark in the lease. Sarah Kennington and Bryce Jackson at Thirty-Four Commercial and Blake Shipley at JLL represented landlord and developer Kaizen Development Partners—honored as Developer of the Year in D CEO’s 2022 Commercial Real Estate Awards program.
Newmark has selected HKS to design its interiors at The Link. Holman said the pandemic taught companies that “the workplace has to be better than the home.”
“It has to be a place where people really want to be, and not just for the human interactions,” he said. “If you do a good job, your real estate reflects the aspirational quality of your company. If you look at automobiles, they started as transportation, just like office buildings began as a place where people work. If you had a deli, that was a big amenity.
“Over time, cars have become much more than transportation,” Holman continued. “Sure, they’re still getting you from point A to point B, but now it’s more about how they do it—there’s an experiential component. That’s exactly what you see with office space. The experience in your built environment becomes really important, and it speaks kind of the heart of the company. For us, our new space at The Link evokes the message that fact that, “Real estate is what we do, and we’re good at it.”
The timing worked out especially well given the recent merger with Open Realty. The Dallas-based firm has a reputation for innovation and works with top-tier retail clients like Restoration Hardware, Apple, Lululemon, J. Crew, and Kate Spade.
Open Realty is led by Mark Masinter, who focuses on macro strategy and business development; Johnny Siegel, who spearheads tenant advisory services and asset management strategies for clients; and Steve Merkle, who co-leads tenant advisory business endeavors.
Masinter and Siegel join Newmark as chairman of global retail and president of global retail, respectively; Merkle joins as vice chairman.
“The timing of our new lease at The Link was perfect, in terms of being able to blend it into a workable environment for [the team from Open Realty],” Holman said. “We don’t want them to break their stride. We love what they do, and we want to avail the connectivity.
“They play at the highest level of the retail service line,” he said. “It’s a great marriage in that the Newmark platform will give them a breadth of scope and reach, and they bring a level of expertise that’s without peer in the business. It’s easy to see why we’d be interested in them—and why they’d be interested in us. You always look for synergies and lift in deals like this, and this one is easy.”