PennyMac Financial is expanding its North Texas footprint by signing a lease for an entire office building in Carrollton. The Los Angeles-based mortgage lender has agreed to take 300,000 square feet at 5025 Plano Parkway, according to Avison Young. This transaction stands out as one of the largest leases in Dallas-Fort Worth this year.
The City of Carrollton stated that PennyMac will begin by occupying half of the building and plans to expand into the full space over time. The company aims to relocate by the end of the year, bringing approximately 1,800 new jobs to the area.
The four-story building was constructed in 2019 and includes 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 available office subleases in the region at that time.
Previously, PennyMac leased close to 76,000 square feet at Plano Corporate Center East at 2201 West Plano Parkway. That property was formerly used by FedEx Office.
In related news, PennyMac has entered a subservicing agreement with Annaly Capital Management. Under this arrangement, Annaly is acquiring a portfolio of PennyMac’s mortgage servicing rights while PennyMac continues managing those loans. “Annaly is acquiring a portfolio of PennyMac’s mortgage servicing rights; PennyMac will manage the loans,” according to company representatives.
Office leasing activity has increased in suburban areas like Carrollton, Plano, and Frisco as companies seek locations closer to their employees’ homes. Other recent deals include Simpson Strong-Tie Company’s lease for 38,000 square feet at Granite Park 6 in Plano and Sally Beauty’s relocation from Denton headquarters to a new 140,000-square-foot space at Legacy West in Plano.
Although overall office vacancy rates remain high at around 25 percent across Dallas-Fort Worth, submarkets such as Carrollton and Plano are seeing comparatively lower vacancies—generally between high teens and low twenties—according to Avison Young data.
