Globe Life has put its former headquarters in McKinney on the market, adding to the already high office vacancy rates in the Dallas–Fort Worth area. The company is offering its previous 300,000-square-foot building at 3700 South Stonebridge Drive, which sits on a 22-acre lot.
The listing became active in late September, following Globe Life’s purchase of a new headquarters building in McKinney earlier this year. Jennifer Haworth, chief marketing officer at Globe Life, said that there has been early interest from potential buyers. “In this part of the metroplex, there are not many 300,000-square-foot vacancies available, and there are not any available options that come with this much excess land,” Haworth told the Dallas Business Journal. “The location is best suited to attract a large single user, rather than a mix of tenants.”
Cushman & Wakefield brokers Campbell Puckett, Ryan Hoopes, Matthew Murphy, Russell Ingrum, Todd Savage, Jared Chua and Kelsey Shebay are handling the marketing for the property. A formal call for offers is expected next month. There is no listed asking price. The Colin Central Appraisal District values the property at $51 million. The building was constructed in 1995 and underwent significant upgrades in 2007.
Globe Life decided to move its headquarters to 7677 Henneman Way over the summer after purchasing the new 200,000-square-foot office from SouthState Corp., based in Florida. The new site is four miles north of the former headquarters and was previously part of the Independent Bank campus that SouthState acquired for $2 billion earlier this year. More than 3,000 Globe Life employees are expected to relocate to the new building by the end of the year.
The listing comes as several other major suburban office properties are also up for sale across the region. These include former campuses used by JCPenney in Plano, American Airlines in Fort Worth, and ExxonMobil in Irving.
According to CBRE data, about 62 million square feet of office space is currently vacant across the Dallas–Fort Worth metroplex. An additional two million square feet are under development.
