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Friday, February 05, 2016
Exclusive: Tech travel giant Sabre Corp. expanding headquarters at Solana Business Park
Technology travel giant Sabre Corp. (Nasdaq: SABR) has decided to expand its headquarters at Solana Business Park in Westlake, signing two real estate deals totaling 196,048 square feet of office space and giving the company the ability to house an additional 400 employees.
The company has extended a lease on some subleased space from Irvine, California-based CoreLogic (NYSE: CLGX), which is in the process of developing a new 327,183-square-foot regional hub at Cypress Waters in Dallas for its 500 employees in North Texas. The sublease totals 125,000 square feet on the first three floors of Building 3 in The Terrace and the lease extension runs for another nine years.
Sabre also signed a 10-year lease with Equity Office Properties, an affiliate of New York-based Blackstone Group(NYSE: BX), which is the ownership behind Solana Business Park, for the entirety of Building 2 at The Terrace.
Blackstone Group is funding a $65 million redevelopment and capital investment that's underway in the business park located in Westlake and Southlake.
"This is huge; it's exciting and validates what we are doing at Solana," Brian Driesse, director of asset management of Equity Office Properties told the Dallas Business Journal in an exclusive interview. "This shows a lot of the capital improvements we have been making in Solana are effective and I think this will be the first large deal of many large deals.
"We are seeing a lot of demand increase for large blocks of space," he added.
Sabre has a two-building headquarters within the business park totaling an estimated 250,000 square feet of office space, with 3,000 employees in North Texas, according to Dallas Business Journal research. The company's reported revenue in 2014 totaled $2.63 billion.
The company's business has been growing as they support the airline industry, real estate sources said.
The parking ratio at Solana Business Park was an important factor for Sabre, Driesse said. Sabre has a parking ratio of six parking spaces for every 1,000 square feet of office space leased.
Sabre has not responded to numerous interview requests.
The deal apparently closed on Dec. 28, and was the largest lease deal closed in Tarrant County in 2015. Those associated with the deal were unable to discuss it until now because of confidentiality agreements.