SiriusXM renewed its full-building lease in the DFW suburb Irving.
The radio provider re-upped its 58,000 square feet at Freeport Business Center III, at 8550 Freeport Parkway, according to Stream Realty.
Stream’s Tim Terrell and Rhett Miller represented the landlord; CBRE’s Ryan Buchanan repped SiriusXM. Terms of the lease weren’t disclosed.
SiriusXM is headquartered in New York. It has 12 other offices throughout the country. The Irving location serves as an office, engineering facility and call center, according to a recent SEC filing.
The one-story building was constructed in 1998. It’s located a stone’s throw from DFW Airport with easy access to State Highway 114 and Interstate 635.
The property traded hands in April when Ross Perot’s Hillwood Development Company purchased it from UBS Realty Investors. When Hillwood bought Freeport III, it also bought Freeport I and II as well as a property at 8222 North Belt Line Road. The purchase spanned 518,000 square feet in total.
The purchase price was not disclosed, but Freeport III was valued at $6.9 million in 2024, according to appraisal district data.
Irving is a hotspot for corporate offices. It’s home to headquarters for Caterpillar and Nexstar Media Group, and Wells Fargo is building a $500 million corporate campus in the Irving master-planned community Las Colinas.
Dallas-Fort Worth’s office market has struggled with high vacancy as companies continue to grapple with remote-work norms. The Metroplex’s office vacancy was 25.6 percent midway through 2024, according to Partners Real Estate.
With companies shedding space, the city’s sublease market has exploded. It peaked last year at 11.2 million square feet. This spring, it had fallen to about 10.5 million square feet, Partners’ Steve Triolet said.
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