Tenet Healthcare Is Leaving Downtown Dallas
Tenet Healthcare is moving its headquarters from Downtown Dallas to International Plaza I, an office tower bordering Dallas in Farmers Branch.
The hospital operator signed a long-term lease for the entire 13-story building at 14201 North Dallas Parkway, bringing the tower to 100% occupancy about a year after it was sold to Taconic Capital Advisors.
Tenet, which is currently headquartered at Fountain Place on Ross Avenue in Downtown, is scheduled to begin its move to International Plaza I later this year.
Taconic Capital acquired International Plaza I and its sister tower, International Plaza II, last year and is now spending about $20M to update both office towers. Cushman & Wakefield and the landlord have not released the purchase price; however, Reonomy lists a 2018 sale of the property for roughly $233M.
The landlord will complete the renovations in December right before Tenet moves in.
Cushman & Wakefield’s Chris Taylor, Trey Smith, Matt Schendle and Lauren Napper marketed the property for Taconic. Leasing information released by Cushman several months ago shows the landlord priced space inside Plaza I at roughly $24/SF. Younger Partners’ Kathy Permenter and Moody Younger represented the tenant during negotiations.
“The new environment being created through the renovations of International Plaza was very important to Tenet Healthcare, as they were committed to having the best environment for their employees,” Taylor said in a press release. “Taconic Capital was already well into their renovation planning for the International Plaza campus, and they have been committed since day one with making the significant capital investment to create one of the most unique and interactive office campuses in DFW.”
