Mr Cooper is looking to sublease excess Dallas-area office space – The Dallas Morning News

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Mortgage firm Mr. Cooper Group Inc. may soon be adding to the Dallas area’s growing sublease office totals.

The company is considering putting a big chunk of its headquarters northwest of Dallas on the lease market.

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Mr. Cooper has more than 175,000 square feet of offices in the Cypress Waters development near LBJ Freeway and Belt Line Road, just east of Coppell. The company founded in 1994 was previously known as Nationstar Mortgage.


“As Mr. Cooper has moved into a ‘home-centric’ remote environment to provide more flexibility for our team members, we are strategically evaluating the size of our office footprint and have partnered with CBRE to explore potential sublease opportunities,” a spokeswoman for the firm said in an email.

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Since last year, Mr. Cooper has cut more than 1,500 jobs as rising interest rates caused declines in mortgage originations.


The mortgage firm is one of dozens of Dallas-Fort Worth businesses that have put excess office space on the market to lease to other companies.

Adding to the glut of office space on the market in North Texas is a record 11.4 million square feet of sublease space – offices that companies are paying rent on but are no longer using. The average discount for sublease offices in D-FW has risen to almost 18%, according to commercial real estate firm Transwestern.

One of the largest blocks of sublease offices on the market in North Texas is a new tower in Plano built to house the headquarters of Reata Pharmaceuticals. The drug company sold to Biogen Inc. and the 20-story, 327,000-square-foot high-rise in Legacy business park is offered for sublease.


Counting the sublease space and buildings still under construction, almost 27% of D-FW office space is empty – the highest such vacancy in decades.

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