PennyMac Financial has signed a lease for the entire 300,000-square-foot office building at 5025 Plano Parkway in Carrollton, according to Avison Young. The Los Angeles-based mortgage lender will initially occupy half of the building and plans to expand into the full space. The City of Carrollton stated that PennyMac expects to move by the end of the year, bringing approximately 1,800 new jobs to the area.
The four-story building was constructed in 2019 and features amenities such as a gym, cafe, and patio. AmerisourceBergen previously placed the property on the sublease market nearly two years ago, making it one of the largest office subleases in Dallas-Fort Worth at that time.
PennyMac previously leased about 76,000 square feet at 2201 West Plano Parkway in Plano Corporate Center East in 2016. That property was formerly used by FedEx Office.
The move comes as PennyMac establishes a subservicing agreement with Annaly Capital Management, under which Annaly will acquire a portfolio of PennyMac’s mortgage servicing rights while PennyMac continues managing those loans.
Suburban office markets like Carrollton, Plano, and Frisco are attracting increased interest from companies looking to locate closer to where employees live. This trend is leading to more leasing activity in these areas compared to central business districts. For example, Simpson Strong-Tie Company recently signed a lease for 38,000 square feet at Granite Park 6 in Plano, which is now 58 percent occupied since its delivery in 2023. Sally Beauty is also relocating its headquarters from Denton to a 140,000-square-foot location at Legacy West in Plano.
While overall office vacancy rates remain high at about 25.2 percent across Dallas-Fort Worth, vacancy rates in suburban submarkets are somewhat lower, generally ranging from the high teens to low twenties.
