PennyMac Financial has signed a lease for the entire 300,000-square-foot office building at 5025 Plano Parkway in Carrollton, marking one of the largest leases in Dallas-Fort Worth this year. The Los Angeles-based mortgage lender will initially occupy half of the building, with plans to expand into the full space over time, according to a statement from the City of Carrollton. The company expects to move by the end of the year and anticipates creating 1,800 new jobs at its new hub.
The four-story property was built in 2019 and features amenities such as a gym, cafe, and patio. Pharmaceutical firm AmerisourceBergen had previously placed the building on the sublease market nearly two years ago, making it one of the area’s largest available office subleases at that time.
PennyMac previously leased about 76,000 square feet at Plano Corporate Center East on West Plano Parkway beginning in 2016. That site was formerly used as a FedEx Office campus.
The announcement of PennyMac’s expansion coincides with news that it has entered into a subservicing agreement with Annaly Capital Management. Under this arrangement, Annaly is acquiring a portfolio of PennyMac’s mortgage servicing rights while PennyMac will continue managing those loans.
Companies are increasingly opting for suburban offices closer to where employees live as development continues across North Texas. This trend has led to higher leasing activity in areas like Carrollton, Plano, and Frisco. For instance, Simpson Strong-Tie Company recently leased 38,000 square feet at Granite Park 6 in Plano—a property delivered last year and now more than half occupied—and Sally Beauty is moving its headquarters from Denton to Legacy West in Plano.
Although overall office vacancy rates remain high at around 25.2 percent throughout Dallas-Fort Worth, suburban markets such as Carrollton and Plano are performing better with vacancies reported in the high teens to low twenties by Avison Young.
