Southwestern Health Resources Inks 150 KSF Lease in Texas
- Dec 31, 2020
Southwestern Health Resources, the largest healthcare provider network in Texas, has signed a long-term lease for 150,000 square feet of space at Browning Place in Farmers Branch, Texas, where it plans to consolidate 900 workers from seven Dallas-Fort Worth locations next year. The transaction is one of the largest office leases signed in the region this year.
Located in the epicenter of the DFW metroplex, Browning Place is situated at 1601 and 1603 Lyndon B. Johnson Freeway. Browning Place consists of four office buildings totaling 627,560 square feet. The buildings offer tenants on-site banking, a cafe, fitness center and granite-clad lobbies. The property also has a jogging trail.
Transwestern Principal Duane Henley provides leasing services for the property on behalf of the ownership, Browning Place LLC. According to Yardi Matrix data, Pillar Income Asset Management acquired the office campus in 2007 from Brandywine Realty Trust. In October 2017, Henley represented the owners when Pacific Union Financial renewed an 88,000-square-lease and added 44,000 square feet at the Browning Place campus.
The healthcare network was created by Texas Health Resources, University of Texas Southwestern Medical Center and more than 5,000 faculty, affiliated and independent community physicians. It includes a network of 29 hospitals and serves 17 counties in North Texas with almost 700,000 patients. Southwestern Health Resources selected the Browning Place location because of its central location and space flexibility to meet the needs of its workforce. The network plans to move 900 employees to the new location early next year, according to the Dallas Morning News.
Paul Whitman and Pat McDowell of JLL represented Southwestern Health Resources in the lease transaction.
DFW Market Moves
Dallas-Fort Worth is a leading metro in various rankings of office occupancy and return to workplaces, according to Transwestern’s Q3 2020 Dallas-Fort Worth Office Market report. After accelerating sharply in the first half of the third quarter, new sublease listings slowed considerably in the latter half of the quarter, the report noted.
Earlier this month, Transwestern represented landlord Regent Properties when Peloton added 103,750 square feet of office space at Legacy Central in Plano, Texas, where it already occupied 27,518 square feet. The Peloton lease brought occupancy to 80 percent at the 85-acre campus that has about 1 million square feet of office space. Henley and colleague Nathan Durham were part of the leasing team.
The firm also recently represented owner Capital Commercial Investments in a full-building, 109,187-square-foot lease at 4151 Amon Carter Blvd. in Fort Worth, one of the buildings at American Airlines’ former world headquarters.