Cresa Arranges Neiman Marcus Group’s 84,859 SF Lease at Cityplace Tower
Tenant advisory firm provides turnkey services to luxury retailer for its first Dallas Hub
Interior Rending of NMG Dallas Hub via Gensler
DALLAS – July 28, 2022 – Cresa, the world’s largest occupier-centric commercial real estate firm, has arranged an 84,859-square-foot lease at Cityplace Tower, 2711 N. Haskell Ave., on behalf of Neiman Marcus Group (NMG). The central Dallas location will serve as the first of many corporate “Hubs” to support the luxury retailer’s integrated work philosophy known as NMG | Way of Working (NMG|WOW) and is part of a larger strategy to revolutionize the way the company works.
Cityplace Tower is centrally located between the Neiman Marcus Downtown and NorthPark flagship stores. Plans call for an extensive renovation that reinforces NMG’s NMGIWOW work culture and will feature collaborative, seamless digital and physical spaces; meeting rooms; and workstations. The new hub is expected to open in early 2023.
“The pandemic gave us the perfect opportunity to fast-track the revolutionary way our internal corporate teams are working and look for opportunities to innovate,” said Geoffroy van Raemdonck, Chief Executive Officer, Neiman Marcus Group. “With the implementation of our NMG|WOW program and the future opening of our corporate hubs, our associates will have a number of resources at their disposal to achieve results and best support our customers.”
In addition to providing site selection, tenant advisory and financial analysis, Cresa also assisted NMG with incentives negotiations and project management services. The incentives team secured a grant of $5.0 million with the City of Dallas while also expediting permitting and a obtaining a wavier for permit fees. As a result, NMG will retain 1,100 jobs and create another 300 plus jobs in the area. Cresa’s project management team will oversee the buildout of the new hub.
Cresa Advisors Sharon Morrison, SIOR; Brad Struck, SIOR; John Pelletier; Karra Guess, CPA; and Austin Studebaker represented NMG in the lease transaction. Ann Harts secured the incentives package while David Stack, PE, LEED AP, and Ed Miank with Cresa’s project management team will lead construction of the new space. All are based in the firm’s Dallas office.
“It is privilege to serve our long-time client Neiman Marcus Group with its office, as well as industrial real estate needs, as the company continues to revolutionize luxury experiences,” said Morrison, SIOR. “NMG’s corporate hub strategy is a testament to its innovative way of working and culture of belonging, which, when combined, allow NMG to deliver the exceptional products, industry leading services and exclusive retail experiences we know and love.”
The integrated luxury retailer will continue to explore other locations for corporate hubs where it has a large concentration of associates.
About The Neiman Marcus Group, LLC
Neiman Marcus Group is a relationship business that leads with love in everything we do for our customers, associates, brand partners, and communities. Our legacy of innovating and our culture of belonging guide our roadmap for Revolutionizing Luxury Experiences. As one of the largest multi-brand luxury retailers in the U.S., with the world’s most desirable brand partners, we’re delivering exceptional products and intelligent services, enabled by our investments in data and technology. Through the expertise of our 10,000+ associates, we deliver and scale a personalized luxury experience across our three channels of in-store, eCommerce, and remote selling. Our NMG|Way culture, powered by our people, combines individual talents into a collective strength to make life extraordinary. Our flagship brands include Neiman Marcus and Bergdorf Goodman. For more information, please visit www.neimanmarcusgroup.com.
Cresa is the world's only global commercial real estate advisory firm that exclusively represents occupiers and specializes in the delivery of fully integrated real estate solutions. Our purpose is to think beyond space, strengthening those we serve and enhancing the quality of life for our clients. Delivered across every industry, Cresa's services include Transaction Management, Workplace Solutions, Project Management, Consulting, Lease Administration, Technology, Investment Banking & Capital Markets and Portfolio Solutions. In partnership with London-based Knight Frank, Cresa provides service through 16,000 people, across 380 offices in 51 territories. For more information, please visit cresa.com.