Newmark has arranged the sale and financing of Tollway Plaza, a 376,259-square-foot office campus located along the lower tollway at 15950 and 16000 Dallas Parkway in Dallas, Texas. The transaction transfers ownership of the two-building complex, known as Tollway Plaza, to Tourmaline Capital Partners, which closed the acquisition with capital from an equity fund partner and financing secured at the time of sale.
Newmark professionals Robert Hill, Gary Carr, Chris Murphy and Austin Sheahan represented the seller, Buchanan Street Partners, in the disposition. On the capital markets side, Newmark’s Chris McColpin and Nick Scribani secured financing on behalf of the buyer and its equity fund partner, aligning the debt package with the campus’s existing tenancy profile and recent leasing performance.
Tollway Plaza is situated on approximately 7.4 acres along the Dallas North Tollway within North Dallas’ Lower Tollway Corridor. The campus is composed of two eight-story office towers that collectively provide 376,259 square feet of office space. At the time of sale, the property was reported to be 91% leased, supported by an approximately 5.5-year weighted-average lease term remaining across the rent roll.
The campus was originally constructed in 1998 and 1999 and has since undergone extensive capital improvements. These upgrades have enhanced both the building systems and tenant experience, positioning the property competitively within its submarket. Onsite amenities include a fitness center, conference facilities, a tenant lounge and an expansive outdoor courtyard, features that support tenant retention and appeal to a wide range of office users.
Leasing performance at Tollway Plaza has been notable in recent years, with more than 300,000 square feet of new and renewal leases executed since 2020. This activity has contributed to the property’s high occupancy and lease term profile at the time of the sale and refinancing. The combination of stabilized occupancy, recent capital investment and an established amenity package underpins the investment thesis for the new ownership and the financing secured for the asset.
By completing the sale and arranging debt for Tollway Plaza, Newmark played a central role in both the equity and financing components of the transaction. The deal underscores ongoing investor and lender interest in well-leased, amenity-rich office campuses along major transportation corridors in North Dallas, particularly assets that have maintained strong leasing momentum through recent market cycles.
