A number of top DFW developers have been vying for a big build-to-suit for mortgage giant Fannie Mae. Granite Properties has emerged as the winner, securing the new office for its Granite Park complex in Plano.
The move will allow Fannie Mae to merge three North Texas offices into one location, and cut its footprint from 450,000 square feet to about 300,000 square feet.
“Consolidating our team into one space will allow everyone to work together more efficiently and effectively,” said Andrew Wilson, spokesman for Fannie Mae. “Dallas is a major hub for mortgage market activity, so we have teams working on servicing, working on helping borrowers to avoid foreclosure, and managing properties if we end up owning them.”
Wilson said North Texas is Fannie Mae’s second-largest hub, outside of its Washington, D.C., home base.
So far, Granite has developed five office towers at its bustling business park at the southeast corner of State Highway 121 and the Dallas North Tollway. The first four are 95 percent leased. The fifth, which was just completed in December, is 22 percent leased. Together, they total nearly 1.5 million square feet.
The Fannie Mae lease officially closed in late 2015, making it one of the year’s largest real estate deals. Randy Cooper and Craig Wilson with Cushman & Wakefield represented the tenant in its search.
Fannie Mae expects to take occupancy of its new Plano digs in early 2018.