Globe Life is looking to offload its old McKinney headquarters, adding another large block of space to a high-vacancy Dallas–Fort Worth office market.
The insurance giant listed its former 300,000-square-foot office building at 3700 South Stonebridge Drive, a 22-acre property, the Dallas Business Journal reported.
The listing went live in late September, a couple of months after it bought a headquarters building in McKinney, and the company is already fielding early interest, said Jennifer Haworth, Globe Life’s chief marketing officer.
Cushman & Wakefield’s 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’s no asking price, but the site’s scale and flexibility could attract a single corporate user or a redevelopment play. The Colin Central Appraisal District assessed the building’s taxable value at $51 million. It was constructed in 1995 and extensive upgrades were logged in 2007.
“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.”
The sale followed Globe Life’s decision to move its headquarters to 7677 Henneman Way this summer, a 200,000-square-foot office the firm purchased in July from Florida-based SouthState Corp. That building, 4 miles north of the Stonebridge site, is part of the former Independent Bank campus that SouthState acquired earlier this year for $2 billion.
Globe Life will relocate more than 3,000 employees to the new building by year’s end.
The Stonebridge property’s listing adds to a wave of major suburban office availability across the metroplex. Other large campuses up for grabs include the former JCPenney headquarters in Plano, American Airlines’ previous campus in Fort Worth, and ExxonMobil’s old Irving property.
The region now has roughly 62 million square feet of vacant office space, with another 2 million under development, according to CBRE.
— Eric Weilbacher
Read more
Globe Life buys McKinney HQ building with room to expand
McKinney airport expansion inspires CapRock’s latest land buy
McKinney mansion heads to auction amid soft luxury market
McKinney’s affluence attracts $27M retail development
