Dallas developer Cawley Partners has teamed up with Staubach Capital to purchase two Southlake office buildings that house the corporate offices of Sabre Global.
The buildings at 3120 and 3150 Sabre Drive near State Highway 114 contain 475,000 square feet of space.
The buildings were sold by Sabre.
Sabre has a 12-year lease for one 265,000-square-foot building and has two-year occupancy of the adjoining 210,000-square-foot offices.
The travel technology and services firm is downsizing its offices and didn’t need the entire office campus.
“With our new Work From Anywhere program allowing employees to work remotely one or more days a week, we were able to reduce our real estate footprint in Southlake,” Sabre’s Kristin Hays said in a email. “We are also investing in the A Building to create a more modern and collaborative atmosphere that will better align with our new Work From Anywhere program.
“We will reconfigure and renovate Building A to include open-plan workspaces and a fusion of both onsite and remote-working technology, which will foster an increasingly collaborative environment,” she said. “This includes fewer assigned work spaces, more ‘hoteling’ space and collaboration space for the teams.”
When Sabre leaves the building, the investors plan to redevelop the property for other tenants.
“With Charles Schwab, Microsoft and Robinhood growing in the area, we anticipate additional growth and demand for Class A space in the submarket,” Kristi Waddell, vice president of leasing at Cawley Partners, said in a statement.
When Sabre vacates the building at 3150 Sabre Drive in early 2022, Cawley Partners intends to fully renovate the property and add new meeting rooms, a fitness center, food service and outdoor gathering spaces.
The buildings are next to the Solana business park, which is one of the largest office districts in that area.
Last year, Cawley Partners bought the Rent-A-Center corporate headquarters in Plano to renovate surplus space in the building for other tenants.
The three-story, 169,179-square-foot office campus is in Plano’s Legacy business park near the Dallas North Tollway.
“We just got finished renovating the lobby,” developer Bill Cawley said.
