Insurance Firm Plans To Vacate More Than 100K SF Of Office Space In Uptown Dallas
A large swath of Uptown office space is now up for grabs after a local company chose not to renew its 107K SF lease.
Gainsco Auto Insurance plans to vacate five floors at 3333 Lee Parkway, a 239K SF, Class-A office building owned by Granite Properties near Turtle Creek Boulevard, according to CoStar data shared with Bisnow. The company’s lease expires in October.
Neither Gainsco nor Granite returned Bisnow’s requests for comment.
The building at 3333 Lee Parkway has 173K SF listed available for lease on CoStar, making it 80.5% occupied.
It is unclear whether Gainsco has another lease lined up or if it plans to downsize. If it does so, it would be the latest firm to either downsize or ditch its office space altogether. EnLink Midstream is cutting its lease by two floors, or 78K SF, at One Arts Plaza in Downtown Dallas. McKesson Corp. has listed an entire building at its owner-occupied global headquarters in Las Colinas.
Many others have put their digs on the sublease market, including Southwestern Health Resources, Homepoint Financial and Reata Pharmaceuticals.
About 71M SF, or 30% of total office inventory, was available in DFW at the end of 2023, Avison Young data shows. Leasing activity was at its lowest level in the last two decades, with only 11.9M SF, or 5.1% of inventory, signed throughout the year.
“Until leasing activity picks up meaningfully, it will be difficult to bring down the current high vacancy and availability rates to more normal levels,” Avison Young analysts wrote.
