Globe Life has put its former headquarters in McKinney, Texas, up for sale, adding another large office property to the Dallas–Fort Worth market, which is already facing high vacancy rates. The building, located at 3700 South Stonebridge Drive, spans 300,000 square feet and sits on a 22-acre site.
The listing became active in late September, following Globe Life’s purchase of a new headquarters building elsewhere in McKinney earlier this year. Jennifer Haworth, chief marketing officer at Globe Life, said there has already been early interest in the property. “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 outlet. “The location is best suited to attract a large single user, rather than a mix of tenants.”
Cushman & Wakefield agents Campbell Puckett, Ryan Hoopes, Matthew Murphy, Russell Ingrum, Todd Savage, Jared Chua and Kelsey Shebay are marketing the property. A formal call for offers is expected next month. There is no set asking price for the site. The Collin Central Appraisal District valued the property at $51 million. Built in 1995, it underwent significant upgrades in 2007.
The sale comes after Globe Life moved its headquarters to 7677 Henneman Way this summer. The new 200,000-square-foot office was purchased from SouthState Corp., based in Florida. The new location is four miles north of the Stonebridge site and was previously part of the Independent Bank campus acquired by SouthState for $2 billion earlier this year. Globe Life plans to relocate more than 3,000 employees to the new facility by the end of the year.
The Stonebridge property joins other major suburban offices currently available in the region, including former campuses for JCPenney in Plano, American Airlines in Fort Worth, and ExxonMobil in Irving. According to CBRE data, Dallas–Fort Worth now has about 62 million square feet of vacant office space with another 2 million square feet under development.
