Jack Henry Looks to Sell or Lease Office Building Near Dallas

Yet another large block of office space is hitting the market in Dallas.

Jack Henry, a financial technology firm, has placed its 97,800-square-foot office in Allen up for sale or lease. Jack Henry has occupied the building at 1025 South Central Expressway in Allen since 2005. It will be consolidating into another building it owns next door.

The firm is based in Monett, Missouri, and tapped Kansas City agent Timothy Fisher to handle the listing.

Jack Henry aims to lease the property for $23.50 per square foot, Fisher said. Sale prices are not disclosed in Texas, and Fisher declined to provide an asking price for the sale option. The office has an appraised value of around $13.2 million, or $134 per square foot, though appraised values and actual sale prices can differ widely in the state.

The building was constructed in 2000 for Micron, a data hardware firm. Jack Henry purchased and converted it into offices in 2005. It sits on a little over 6 acres on the southern side of Allen. As hot as it may be in Dallas, the office market has been on a cold streak. The vacancy rate reached 25.4 percent in the second quarter of the year, its highest level since at least 2009, according to JLL. Compounded with a glut of sublease space on the market, even Dallas, relatively one of the strongest cities for office usage in the country, is feeling the blues.