The siren song of Y’all Street continues to call financial services companies to Uptown Dallas, but 2025 was the year of the suburbs.
Leases in the satellite cities surrounding Dallas and Fort Worth — Plano, Frisco, The Colony — made up eight of the 10 biggest lease deals of the year, allowing the region’s sluggish office market to make some gains toward market recovery.
Vacancy in the region inched down to 25 percent from 25.3 percent in the third quarter, year-over-year, according to a release from Partners Real Estate. Net absorption in the third quarter was positive, too, with the rate surpassing 1 million square feet.
Here are the biggest office leases of the year, using data from CBRE, Newmark and Cushman & Wakefield.
Lockheed Martin | 5555 North Beach Street | 455,400 square feet
The defense contractor’s lease isn’t just the biggest of the year, it’s the largest in a decade, JLL said. Lockheed Martin renewed its 455,400-square-foot lease until August 2031 at Fossil Creek Park, an office campus in north Fort Worth owned by Doug Agarwal’s Capital Commercial. The deal involving the Class B office property, at 5555 North Beach Street, bucks the market trend of flight to quality, with Lockheed staying put in a building constructed in 1996.
PennyMac | 5025 Plano Parkway | 300,000 square feet
PennyMac is hopping from one DFW suburb to another. The Los Angeles-based mortgage lender traded its Plano office for a full building lease in Carrollton. Pennymac outgrew its 76,000-square-foot lease at the Plano Corporate Center East building, at 2201 West Plano Parkway. It inked a deal to occupy the 300,000-square-foot building at 5025 Plano Parkway, a property that pharmaceutical company AmerisourceBergen put on the sublease market two years ago. Dallas-based Billingsley Company developed the building in 2019 and still owns it. PennyMac will initially occupy 150,000 square feet of the office building and expand to 300,000 square feet. The company’s Carrollton hub will bring in 1,800 new jobs.
Toyota Financial Services | 4401 Cirrus Way | 241,500 square feet
The fact that Toyota Financial Services is moving to a timber office building is almost as notable as the fact that the deal is the area’s third-largest office lease of the year. The company signed a lease for the 242,000-square-foot Offices at Southstone Yards, at 4401 Cirrus Way. Crow Holdings developed the seven-story building as part of Southstone Yards, a 45-acre mixed-use development. The office property is also the region’s first timber-framed office building in a century.
Integrity Marketing Group | 1445 Ross Avenue | 185,233 square feet
It’s not all bad news in downtown Dallas. The urban core has been shedding office users for decades now, but Integrity Marketing Group’s expansion goes against the grain. The insurance provider in 2021 traded its office digs in Cypress Waters for a spot at Fountain Place. Now it’s expanding its space from 100,000 square feet to 185,000 square feet at the downtown tower at 1445 Ross Avenue. It’s owned by Atlanta-based Goddard Investment Group.
AT&T | 2221 Lakeside Boulevard | 179,700 square feet
Downtown Dallas office mainstay AT&T has been teasing a possible exit, citing public safety issues in the urban core. Rumors are swirling that the telecommunication giant is scouting a suburban office — but that could also be an effort to get a bigger incentive boost from the city to stay. Meanwhile, AT&T increased its presence in Richardson with a 186,000-square-foot lease at Lakeside Boulevard Tower, at 2221 Lakeside Boulevard. The expansion reflects AT&T’s consolidation of regional offices at the RIchardson outpost. The 807,000-square-foot building is owned by Dallas-based Provident Realty Advisors, which plans to invest nearly $16 million in upgrades.
Geico | 2375 North Glenville Drive | 165,107 square feet
In another win for Richardson, Geico doubled its office space in the Dallas suburb. Mapletree Investments owns the Galatyn Commons complex where the insurer signed a 165,000-square-foot lease. Singapore-based Mapletree bought the building at 2375 North Glenville Drive in 2022. Geico also occupies 233,000 square feet at the former Fossil headquarters, at 2280 North Greenville Avenue.
WeWork/Amazon | 6535 North State Highway 161 | 154,600 square feet
Amazon partnered with WeWork to take over a McKesson-owned property in Irving. The partners leased 154,600 square feet at 6535 North State Highway 161. The 272,000-square-foot office building was constructed in 2001 and has six stories.
Sally Beauty | 7900 Windrose Avenue | 144,517 square feet
Sally Beauty reportedly turned down incentives from the city of Denton to keep its headquarters in the city and hopped over to Plano. The Fortune 1000 beauty retailer inked a deal to move 600 employees into a 140,000-square-foot space in Liberty Mutual’s office building at Legacy West after 40 years in Denton. The new space at 7900 Windrose Avenue represents a downsizing from the company’s previous space, a 200,000-square-foot building at 3001 Colorado Boulevard.
Scotiabank | 2601 Victory Avenue | 133,700 square feet
Canadian lender Scotiabank was considering planting a U.S. office in Charlotte, but ultimately chose Dallas in what’s shaping up to be a win for the rise of Y’all Street. The city of Dallas offered Scotiabank nearly $5 million in incentives to come to the Big D. Scotiabank signed a lease to occupy 100,000 square feet at Hillwood’s Victory Commons One, at 2601 Victory Avenue in Uptown Dallas.
Energy Transfer | 8020 Park Lane | 120,923 square feet
In the same year that Rick Perry’s Energy Transfer took Greenpeace to court, it inked a lease at an office building within The Shops at Park Lane. The energy company took 121,000 square feet at the five-story office building at 8020 Park Lane. It was built in 2015 and is owned by Northwood Investors.
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