Reata Pharmaceuticals' New 327K SF HQ Returns To The Sublease Market
The fate of Reata Pharmaceuticals' headquarters could soon be decided as the 327K SF building once again hits the sublease market.
Biogen, a Massachusetts-based biotech firm that acquired the drug company this fall, has tasked brokers at Cushman & Wakefield with finding a new tenant for the 21-story office tower at 6100 Legacy Drive in Plano, CoStar reports.
The sublease is the biggest on the market in DFW.
"[This building] stands as a rare gem in the Metroplex, if not the entire region," Matt Schendle, Cushman & Wakefield managing director of agency leasing, said in a statement to CoStar. "6100 Legacy epitomizes the flight-to-quality movement within the office sector. It is an immaculate canvas built to world-class standards.”
Trammell Crow Co. finished the bulk of construction on the headquarters in 2021, but the pandemic and drug approval delays prevented the company from moving in. It opted instead to put the building up for sublease, according to The Dallas Morning News.
Reata pulled the listing earlier this year and began making moves to occupy the building, but its acquisition by Biogen and anticipated layoffs once again derailed those plans.
Finding a single company to take over Reata’s lease is unlikely due to its size, which means the company will probably need to break up the building and find individual tenants for each floor, Partners Senior Vice President of Research and Market Forecasting Steve Triolet told CoStar.
The Reata sublease adds to the 10.6M SF already on the market in DFW. Nearly 80% of that space is concentrated in Class-A buildings. About 61% of the sublease market is vacant and available for immediate occupancy, according to a Q3 report from CBRE.
