Mr. Cooper considers sublease options in North Texas
Mortgage lender has 176K sf headquarters in Coppell
Mr. Cooper is looking to reduce its footprint in the Metroplex.
The mortgage lender is considering offering its nearly 176,000-square-foot headquarters, at 8950 Cypress Waters Boulevard in Coppell, for sublease. The property isn’t currently listed.
The company’s employees have been moving to “a successful home-centric environment,” making office space less of a necessity, Mr. Cooper said through a spokesperson.
Mr. Cooper has mounting legal trouble. On Oct. 31, the company said it experienced a cyber attack in which unauthorized third parties gained access to customers’ names, social security numbers, addresses, phone numbers and dates of birth. Since the breach, at least four class action lawsuits have been filed against Mr. Cooper, alleging the company did not adequately safeguard the confidential personal information of its approximately 4.3 million customers. Mr. Cooper laid off about 1,500 employees last year, most of them in Arizona, the Dallas Morning News reported.
Mr. Cooper holds loans worth $937 billion and is the country’s largest non-bank servicer of home mortgages. The company has completed two major acquisitions this year. In April, Mr. Cooper purchased Rushmore Loan Management Services. Less than a month later, it acquired Michigan-based Home Point Capital for $324 million and assumed $500 million of the company’s outstanding debt, due February 2026, the Dallas Morning News reported.
The DFW office market is chilly. Overall vacancy in the office market jumped from 22.8 percent in the third quarter of 2022 to 24.2 percent in the third quarter of 2023, according to Partners. Available sublease space in the market has hovered at 11 million square feet throughout the last year, Triolet said.
Correction: A previous version of this story contained information from a listing, and the listing was later taken down.