PennyMac Inks Full-Building Lease For Carrollton Hub

2 October 2025

PennyMac Financial outgrew its Plano office and is expanding its presence with a full-building lease in Carrollton.

The Los Angeles-based mortgage lender inked a deal for the 300,000 square feet at 5025 Plano Parkway, according to Avison Young. That puts it in the ranks of the year’s biggest leases in Dallas-Fort Worth.

PennyMac will initially occupy half of the space with plans to expand into the full building, the City of Carrollton said. The company plans to move by the end of the year. The Carrollton hub will bring 1,800 new jobs.

The four-story office building, constructed in 2019, has a gym, cafe and patio. Pharmaceutical company AmerisourceBergen put the building on the sublease market nearly two years ago, CoStar reported. It was the area’s second-largest office sublease at the time.

PennyMac leased nearly 76,000 square feet at the Plano Corporate Center East building, at 2201 West Plano Parkway, in 2016. The property was formerly the campus for FedEx Office.

News of the Carrollton hub comes as PennyMac enters a subservicing relationship with Annaly Capital Management, the world’s largest residential mortgage REIT. Per the agreement, Annaly is acquiring a portfolio of PennyMac’s mortgage servicing rights; PennyMac will manage the loans.

As the Metroplex sprawls, companies are becoming more interested in establishing offices in suburbs, closer to where employees live. The trend has translated to increased office leasing activity in spots like Carrollton, Plano and Frisco.

For example, Simpson Strong-Tie Company, a California-based manufacturer of construction fasteners and connectors, signed a deal at Plano’s Granite Park 6, which was delivered in 2023 and is now 58 percent occupied. It’s leasing 38,000 square feet. Similarly, Sally Beauty is relocating from its longtime headquarters in Denton to a 140,000-square-foot spot at 7900 Windrose Avenue in Plano’s Legacy West.

While office vacancy is elevated at 25.2 percent, levels in these submarkets are faring much better, with vacancy rates in the high teens and low twenties, according to Avison Young.