Fannie Mae Subleases 70 KSF in Dallas Area

Granite Park Seven. Image courtesy of Granite Properties

Financial software company Trintech has signed a 70,000-square-foot lease and will relocate its headquarters to Granite Park Seven, a Class A office building in Plano, Texas, moving from nearby Addison.

Stream Realty Partners arranged the transaction on behalf of the tenant. According to The Dallas Morning News, the financial software company will sublease the space from Fannie Mae and plans to finalize the move by November.

Fannie Mae signed a 15-year lease agreement in December of 2015, documents filed to the U.S. Senate show. The government-sponsored enterprise moved into the office building in 2017, after consolidating its Dallas-Fort Worth metro area offices and relocating to a single location at Granite Park Seven.

The mid-rise office building is located at 5600 Granite Parkway. The 324,010-squre-foot property rises 10 stories and was completed in 2017. Granite Park Seven has a parking ratio of 5.2 spaces per 1,000 square feet.

The office tower is part of the Granite Park campus, situated at the intersection of U.S. Highway 121 and the Dallas North Tollway. The 90-acre mixed use development encompasses more than 3 million square feet of office space, as well as several restaurants and shops.

The walkable office campus is currently expanding, with Granite Park Six and Eight on the way, according to the development’s website. Each office building is set to offer more than 400,000 rentable square feet and will provide cafes as well as a fitness center.

Plano on the rise

The office tower is within the Platinum Corridor North submarket. As of June, the submarket was the second-most active within the Dallas-Fort Worth metro, having 1.1 million of square feet of office space underway, according to CommercialEdge data.

A notable recent development in the Platinum Corridor North submarket is The Chase Tower at Legacy West. The 540,000-squre-foot building is the tallest within the mixed-use development.

Recently, Flexential Corp. finalized a sale-leaseback transaction with joint venture partners Legacy Investing and Invesco Real Estate for its data center in Plano. The transaction will finance the expansion of the property with a 130,000-square-foot addition.