Class-A continues to carry the North Texas office market.
Lucid Private Offices, formerly known as WorkSuites, recently signed a 31,000-square-foot lease at a brand-new building in the International Business Park complex in Plano, according to an announcement from JLL. Trevor Franke and Gini Rounsaville of JLL represented Billingsley Company, who owns the complex, and CRESA’s John Pelletier and Austin Studebaker represented Lucid.
The five-story, 250,000-square-foot office building is located at 6275 West Plano Parkway. The 300-acre mixed-use complex is off the northwest corner of Dallas North Tollway and Bush Turnpike.
Financial details of the lease were not disclosed.
Lucid is the first “executive suite” tenant of the building, which recently completed construction that first began in 2021, said Lucy Burns, partner at Billingsley. The Class-A structure sits adjacent to a 10,000 square foot amenity building with a fitness center, lounge and conference area.
Ongoing expansion of the International Business Park complex will add another 280,000 square feet of commercial space to the market and is set to be finished in March. This new building is the largest in the complex and is 20 percent leased, according to JLL.
The complex includes 11 buildings with 1.4 million square feet of commercial space and is home to more than 100 businesses and over 4,000 employees. Plano acts as a popular North Texas destination for corporate headquarters and office tenants with premiere mixed-use business parks such as Legacy West, Legacy Central and Granite Park.
Lucid Private Offices offers Class-A office spaces to private or commercial tenants and is based in North Texas. The company has been expanding rapidly with more than 20 move-in ready spaces and has recently opened new offices in Houston and Dallas-Fort Worth.
New spaces set to open at Greenway/Upper Kirby will bring the company’s Houston office portfolio up to 123,000 square feet. The company expanded outside the Lone Star State for the first time last May, opening two locations in Atlanta. It’s also reportedly seeking leases in Katy, Clear Lake and Memorial City, next to the famed Energy Corridor.
The Dallas/Fort-Worth office market continues to outperform most other submarkets as the landscape of commercial property values continues to change. Class-A offices remain strong while many older or mid-level spaces are being looked at for office-to-resi conversions.