CarOffer Subleases 60 KSF for Dallas-Area HQ

Addison Circle One. Image via Google Street View

CarOffer has announced that the company will move its corporate headquarters to Addison, Texas. The automated instant vehicle trade platform has subleased roughly 60,000 square feet at Franklin Street Properties Corp.’ Addison Circle One building, located within Dallas County. Cyxtera was the sublandlord, which holds a long-term lease on the originally Gensler-designed space.

The relocation from CarOffer’s current Dallas offices in Plano, Texas, is expected to take place on March 8. The tenant will be upsizing its staff at the new premises, which has the capacity to house 430 employees, compared to the current headquarters, which holds a headcount of 166. The former 27,000-square-foot space at 2701 E. Plano Parkway is already on the market for subleasing.

Located at 15601 Dallas Parkway, 14 miles north of central Dallas, the 293,800-square-foot property is situated adjacent to Dallas North Tollway and near Addison Airport, while Interstate 635 is some 3 miles south.

CarOffer’s new offices

Franklin picked up the 10-story asset, completed in 1998 on a 3.6-acre lot, back in 2002 for $52.4 million, according to CommercialEdge data. The building includes a six-story parking garage, a 12,000-square-foot fitness center and six elevators. More than seven on-site restaurants and retail outlets are available for tenant use.

Last January, CarGurus acquired a 51 percent interest in CarOffer, with the option of buying the remaining stake over the following three years. In late 2019, CarGurus signed a 273,000 square-foot lease with Samuels & Associates at 1001 Boylston St., an upcoming mixed-use tower in Boston, becoming its anchor-tenant. Once completed, the company will move its headquarters to the 20-story structure, set to rise over the Massachusetts Turnpike.

CBRE’s Senior Vice President Clay Vaughn and First Vice President Preston Lynn worked on behalf of CarOffer, while Vice President Brian Brooks and Managing Director & Principal Brian Brtalik of Foundry Commercial represented Cyxtera. Cushman & Wakefield’s Executive Managing Director Chris Taylor and Executive Vice President at CBRE, Trey Smith, arranged the transaction for Franklin.