Travel technology company Sabre Corporation has sold its Southlake office buildings that houses the corporate global headquarters.
Sabre stated the changing workforce dynamics as the reason for the sale. With most of its employees working from home, the company is looking to downsize its office footprint.
Dallas-based developer Cawley Partners, in-partnership with Staubach Capital, purchased the 475,000-square-foot Southlake campus. The property has two buildings, located at 3120 and 3150 Sabre Drive.
According to Cawley Partners, Sabre signed a 12-year lease for the entire 265,000-square-foot Building A. The parties entered into a short-term lease agreement for the smaller Building B.
The entire Building B will be made available for lease in 2022, according to the developer. The plan for the building calls for a full renovation and addition of upscale amenities. It includes meeting rooms, a fitness center, locker rooms, food service and outdoor gathering spaces.
“We are really excited about being in Southlake,” said Kristi Waddell, VP Leasing at Cawley Partners. “With Charles Schwab, Microsoft and Robinhood growing in the area, we anticipate additional growth and demand for Class A space in the submarket.”
Cawley Partners’ portfolio consists of several office properties throughout Dallas and Collin counties. It acquired the corporate headquarter building of Rent-A-Center in Plano in January 2020. Cawley Partners is also developing The Office at Mayfield Groves in Grand Prairie.