Globe Life Buys Suburban Dallas Office Building

Globe Life is relocating its headquarters within McKinney after closing a multi-pronged deal.

The insurance giant purchased 7677 Henneman Way, a six-story, 197,700-square-foot office building, D Magazine reported. The building was developed in 2022 for Independent Financial, now known as SouthState Bank.

Globe Life also acquired 9.39 acres of adjacent land, and it signed a lease for 28,700 square feet in the neighboring building at 7777 Henneman Way. The package, orchestrated in part by Cushman’s Campbell Puckett and Ryan Hoopes, closed this month after discussions began last September.

The buildings are part of the McKinney Corporate Center at Craig Ranch, a broader commercial development master planned by KDC. Seller SouthState Bank acquired the campus through a $2 billion buyout of Independent Financial in January.

Globe Life will begin moving its more than 3,000 employees into the campus in September, the Dallas Business Journal reported. The phased relocation is expected to continue through the end of the year. The company’s current HQ is at 3700 South Stonebridge Drive, a two-story building spanning about 150,000 square feet.

Amenities at the Craig Ranch building include a 350-person conference center, a fitness center and food and beverage stations. Globe Life, which sponsors the Dallas Cowboys and Texas Rangers, also plans to install branded signage facing the Sam Rayburn Tollway.

Globe Life hasn’t finalized plans for the adjacent land or its current HQ.

The company reported $29.1 billion in assets and $5.8 billion in revenue last year, landing it at No. 595 on the latest Fortune 1000. Its market cap hovered just above $10 billion this month.

McKinney is one of the fastest-growing cities in the U.S., with a population increase of nearly 10 percent from 2020 to 2023, reaching approximately 213,500 residents. The city is experiencing significant development, including a $300 million amphitheater and a Creation Equity’s $1.3 billion mixed-use project, reflecting its status as a burgeoning hub for residential and commercial growth. Besides that, the city is expanding its airport with a passenger terminal that could eventually serve 1 million flights a year.

— Judah Duke