Plano’s newest office tower is up for grabs.
The 20-story high-rise was just completed in Legacy business park as the new headquarters for Reata Pharmaceuticals Inc., which has a long-term lease on the building.
But now the 327,000-square-foot office is being offered to other businesses on a sublease with commercial real estate firm CBRE Group marketing the property.
Reata Pharmaceuticals’ stock in December took a hit after the U.S. Food and Drug Administration was critical of one of its drugs in development. The company’s stock has recently traded down 80% from where it was last summer.
Reata had planned to move from smaller offices in Plano into the new tower this year.
Instead, CBRE is pitching the property to other potential tenants.
The new tower was developed by Trammell Crow Co. and is across the street from the $3 billion Legacy West mixed-use project.
There are 11 floors of offices on top of a parking garage in the high-rise.
Developer Trammell Crow Co. is also working on a second, even larger office tower that could be built next door.
The new Reata tower is one of the largest blocks of sublease office space to hit the market in Dallas’ north suburbs.
Liberty Mutual Insurance has also been seeking to sublease more than 300,000 square feet of excess offices in its 1 million square-foot regional business campus in Legacy West.
Vanguard Financial recently took about 70,000 square feet of that space for its new Plano operation.
A near record amount of sublease offices were available in the Dallas-Fort Worth area at the end of 2021, according to commercial property firm Transwestern.
“This brings total sublease space to 10 million square feet,” said Andrew Matheny, research director in Transwestern’s Dallas office. “This space may lease relatively quickly though.
“There are more than a few large companies scouting the Legacy and Frisco area for relocations, but developers aren’t delivering new space until 2023.”