Invitation Homes is saying goodbye to its longtime home downtown and moving its headquarters to North Dallas.
The nation’s largest owner of single-family rental homes, Invitation will occupy 50,000 square feet across two floors in Nuveen’s Lincoln Centre complex at the southwest corner of LBJ Freeway and the Dallas North Tollway, the Dallas Morning News reported.
Invitation recently paid $650 million for 1,900 rental homes in the Sun Belt. It plans to invest $8 million to build out the sixth and seventh floors of Lincoln Centre II at 5420 Lyndon B. Johnson Freeway.
The firm expects to move next spring, Invitation’s Kristi DesJarlais told the outlet. Invitation will leave its space in the Comerica Bank Tower at 1717 Main Street.
The lease is a win for Nuveen, as the New York-based firm performed a multimillion-dollar renovation of the Lincoln Centre several years ago.
The 1980s-built campus, comprising 1.6 million square feet of office space and a Hilton hotel, was almost unrecognizable after the redo. The interior was completely revamped with a new fitness center, conference center, lobby and food court. Exterior additions included a park, lounging areas, a fire pit and a dining patio.
Nuveen also recently struck leasing deals with Chubb Insurance, Bridgecrest, Avery Dennison and Bridge Tower.
It’s the latest sign of companies favoring newly built or renovated office buildings amid historically low demand for office space, driven by the pandemic-fueled remote-work era. Office properties with top-tier amenities and workspace give landlords the best chance to lure employees back to the office and keep occupancy levels high.
—Quinn Donoghue
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