Newmark Arranges Sale of 273,574-SF Class A Office Campus in Plano's Legacy Business Park

Newmark has arranged the sale of The Tennyson, a two-building, Class A office campus totaling approximately 273,574 square feet in Plano, Texas, the firm announced June 12, 2026. Shorenstein acquired the asset from seller Spear Street Capital in the transaction, which also included acquisition financing arranged by Newmark.

Deal Team and Financing

Newmark Vice Chairmen Brian Murphy, Robert Hill and Gary Carr, along with Director Austin Sheahan, represented Spear Street Capital in the transaction. Executive Vice Chairman Ramsey Daya and Senior Managing Director Andrew Porteous arranged acquisition financing on behalf of Shorenstein Properties, with additional support from Vice Chairman Clint Frease, Senior Managing Director Chris McColpin and Director Josh Francis.

"Investor appetite for differentiated office product in high-growth Sun Belt markets remains strong, particularly for assets that offer an elevated workplace experience and long-term operational upside," said Murphy. "As capital continues to be selective, properties with recent reinvestment and strong market positioning are standing out in today's environment."

"The Tennyson represented a rare opportunity to acquire a fully leased, institutionally maintained office campus in one of the most dynamic submarkets in the country," said Hill. "With significant recent capital investment, strong credit tenancy and long-term lease duration, the asset is well-positioned to deliver durable cash flow and long-term value."

Asset Profile

Originally completed in 2012, The Tennyson received significant capital improvements in 2024, including upgrades to the fitness center, lobby, tenant lounge and conference facilities. The campus is currently 100% leased with a weighted average lease term of approximately 6.6 years. On-site amenities include a fitness center, café, tenant lounge and outdoor spaces.

The property is located in Legacy Business Park, with immediate access to the Dallas North Tollway and within walking distance of Legacy West and The Shops at Legacy, which feature more than 100 dining and retail options. Major employers in the surrounding area include Toyota, JPMorgan Chase, PepsiCo and the future AT&T headquarters.

Market Context

According to Newmark Research, investor demand for high-quality office assets in Sun Belt markets remains selective but durable, with capital increasingly focused on properties offering strong amenity packages, leasing momentum and attractive going-in basis. As the office market continues to reset, assets with clear pathways to stabilization are attracting both institutional and private capital.

No sale price, price per square foot, cap rate or loan amount was disclosed in connection with the transaction.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate services firm offering brokerage, capital markets, property management and related services. For the twelve months ended March 31, 2026, Newmark generated revenues of more than $3.4 billion. As of March 31, 2026, Newmark and its business partners operated from over 185 offices with more than 9,600 professionals across four continents.

Forward-looking statements in this article are subject to risks and uncertainties. For a full discussion of risk factors and the Special Note on Forward-Looking Information, see Newmark's filings with the Securities and Exchange Commission, including reports on Form 10-K, Form 10-Q and Form 8-K.

Sources: Newmark Press Release, June 12, 2026