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Dallas

More details emerge about potential Mr. Cooper subleases

Coppell-based mortgage giant reshuffling 360K sf of space across DFW

Mr. Cooper Considers Subleasing Office Space
Mr. Cooper's Jay Bray and 8950 Cypress Waters in Coppell (Mr. Cooper Group, Google Maps)

Coming off of layoffs and a cyber attack, mortgage giant Mr. Cooper is looking to sublease some of its North Texas office space.

While the firm plans to hold onto some of its square-footage, it has emphasized a “home-centric” work environment for the last few years, the Dallas Morning News reported.

The Coppell-based mortgage lender and servicer leases about 360,000 square feet across several buildings. That includes its 167,000-square-foot, full building spread for its headquarters at 8950 Cypress Waters in Coppell.

The firm also leases space at the Lake Vista Office Center, at 2850 Lake Vista Drive in Lewisville, and Two Colinas Crossing, at 111511 Luna Road in Farmers Branch. The latter came with its acquisition of Homepoint Financial last year.

Mr. Cooper went through three rounds of layoffs in 2022, shedding about 1,500 employees. But the subleasing plans don’t indicate more job cuts, and the firm plans to keep some of its office space, a spokesperson told the outlet.

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“While we are subleasing some of the offices, we will keep plenty of space for our team members to come together in person for collaboration, celebration and learning,” the spokesperson said.

Formerly Nationstar Mortgage, it rebranded as Mr. Cooper in 2017.

Mr. Cooper was hit with a cyberattack on Oct. 31, which compromised data for 14.6 million customers. Two class-action lawsuits are seeking damages related to the breach, and the firm is spending $25 million to address the fallout, including identity protection services for affected customers for over two years.

The firm hired Wells Fargo alum Mike Weinbach as president in January. 

While Dallas-Fort Worth saw an influx of sublease space, and even sub-sublease space, last year, fewer subleases are available this year, the outlet said. That’s mainly due to firms pulling space off the market, the outlet said.

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Mortgage LendingSubleasing