Dealmaker: Newmark Completes $47M Oklahoma City Office Sale

Newmark, New York, sold a newly constructed Class A office building in downtown Oklahoma City for $46.9 million.

616 North Broadway Avenue, Oklahoma City.

Payment processing and technology provider Heartland Payment Systems leases the building as its national headquarters. Heartland ranks as the fifth-largest payment processor in the United States with more than $80 billion in credit card transactions annually across 750,000 companies.

Newmark Executive Managing Directors Ken Hedrick and Jerry Hopkins, Senior Managing Director D. Andrew Ragsdale and Newmark Robinson Park Vice President Vickie Knotts represented seller Real Capital Solutions, Louisville, Colo., in the transaction with support from Senior Managing Director Kenneth Zakin. Syndicated Equities, Chicago, acquired the 111,500-square-foot asset.

“With a long-term, absolute net lease to an investment-grade tenant, this asset represented a prime investment opportunity,” said Zakin. “The offering generated significant investor interest from a variety of investment profiles.”

Located at 616 North Broadway Avenue, the property was built-to-suit for Heartland Payment Systems in 2020. The seven-story building is close to the city’s Bricktown, Automobile Alley and Midtown districts.

Hedrick noted Oklahoma City has seen tremendous population growth over the past 10 years as the city’s economy diversified and new companies moved to the area. “This transaction is a testament to the continued desirability of Oklahoma City as a business-friendly climate,” he said.