Piedmont Secures Dallas-Area Lease

6031 Connection Drive. Image courtesy of Piedmont Office Realty Trust

Piedmont Office Realty Trust has signed a 55,000-square-foot lease with Builders FirstSource as the Fortune 500 company decided to relocate its headquarters to Irving, Texas. The tenant agreed to occupy the space for 13 years, SEC documents show.

Builders FirstSource is set to leave its current location at the 1.1 million-square-foot Bryan Tower, within Dallas’ CBD, for 6031 Connection Drive, an office building totaling 231,681 square feet in the Las Colinas submarket.

Colliers represented the tenant in the lease negotiation, while Thirty-Four Commercial and JLL worked on behalf of the landlord.

A Dallas-area office complex

The future home of Builders FirstSource is part of Las Colinas Connection, a three-building office campus totaling more than 600,000 square feet. Piedmont Office Realty Trust acquired the Class A+ asset nearly two decades ago, according to CommercialEdge data.

The nine-story office building has 27,000-square-foot floorplates and 525 parking spaces at a ratio of 4.3 spaces per 1,000 square feet. The property is WELL Health-Safety Rated and includes a newly updated lobby and common areas, an upgraded fitness center and a renovated conference center.

Builders FirstSource will be joining GKN Aerospace, C-III Capital Partners and Intelliloan, among others, on the building’s roster, CommercialEdge data shows. Last October, Thomas J. Henry Law agreed to occupy 27,000 square feet of office space at 6031 Connection Drive, planning to to employ up to 200 people at the location.

Las Colinas Connection is roughly 14 miles northwest of downtown Dallas, west of DFW International Airport. The location provides direct access to Highway 114 and President George Bush Turnpike.

Piedmont’s Metroplex presence

Piedmont closed the first quarter of the year with Las Colinas Connection being 92.7 percent leased; its 13-property, Dallas-Fort Worth office footprint, totaling more than 3.5 million square feet, was more than 83 percent leased, based on documents filed with the SEC. In April, office vacancy across the Metroplex remained flat month-over-month settling at 17.3 percent, 160 basis points higher than the national average.

In March, the fully-integrated, self-managed REIT solved its largest lease expiration at the time by renewing its lease agreement with a national pharmaceutical retailer. The tenant will continue to occupy approximately 164,000 square feet of space at 750 W. John Carpenter Freeway in Irving.