Aimbridge Hospitality has renewed and extended its lease at its Plano headquarters office.
The management company and third-party hotel operator signed a five-year lease extension for the full 248,900-square-foot building at 5301 Headquarters Drive in Plano, the Dallas Business Journal reported.
San Francisco-based investment firm Drawbridge Realty bought the five-story building in June 2022. The acquisition was Drawbridge’s inaugural foray into the North Texas real estate market. Aimbridge first leased 75,000 square feet of office space in the building in March 2019.
The building was developed by Cawley Partners at 200,000 square feet and was expanded in 2021. Its amenities include a fitness center, conference center and patio lounge.
Challenges persist in the Dallas-Fort Worth office market, due to elevated interest rates, increased vacancies and evolving work models, but there are positive signs.
Other recent deals in Plano include Cadence McShane’s 10-year lease for 16,000 square feet at One Legacy Circle. A partnership led by Gildenson Real Estate bought that 214,000-square-foot building late last year from Franklin Street Partners.
Elsewhere in Plano, the chicken-fingers chain Raising Cane’s Restaurants bought Ross Perot’s former Electronic Data Systems campus in Plano earlier this month, receiving a $6.2 million incentives package from the city. It is planning to relocate to the 400,000-square-foot property, at 5320 Legacy Drive in Legacy Business Park, from a 120,000-square-foot lease at 6000 Bishop Road in Plano.
In nearby Allen, Pillar Commercial and Oklahoma City-based Hall Capital have teamed up to develop a 225,000-square-foot Class A office tower at 701 South Watters Road. The project is expected to receive an incentives package from the Allen Economic Development Corporation, and the EDC could also provide subsidies to potential tenants of the development.
Aimbridge is privately held. It was founded in 2008 and manages over 1,500 hotels across 50 states and 23 countries.
— Andrew Terrell
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