A Toyota division has signed a lease for a massive new space in Dallas-Fort Worth, marking one of the largest deals the region has seen in years.
Japan-based Toyota Financial Services inked a deal to lease the 242,000-square-foot mass-timber building at 4401 Cirrus Way in Frisco. The seven-story building, known as Southstone Yards, was developed by Dallas-based Crow Holdings. The agreement represents the biggest new office lease in the Dallas-Fort Worth region in almost two years, according to CoStar.
Steve Triolet, a senior vice president of research and market forecasting at real estate services firm Partners, says it is also one of the largest leases signed in the entire state so far this year.
The building is the first mass-timber office building constructed in Dallas-Fort Worth. Toyota securing the property could signal a growing willingness from big corporations to minimize their carbon footprint.
“When we began developing The Offices at Southstone Yards, our goal was to build a welcoming, collaborative, sustainable space for a forward-thinking tenant like Toyota Financial Services that wanted to create an elevated workplace for its team,” Cody Armbrister, a senior managing director of the office team for Crow Holdings’ Development, told CoStar News.
“We see Southstone Yards as emblematic of the future of what the office can be — specifically a place where people want to spend the majority of their day,” Armbrister said.
In December, The Dallas Express reported that Nissan and Toyota were considering a possible merger. Nissan and Toyota’s marriage would combine the No. 2 and No. 3, respectively, largest vehicle manufacturers by sales in Japan. Combined, the resulting entity would be the third largest car company in the world, generating a total of $191 billion in sales and operating profit exceeding $19 billion.
Toyota is expected to move into its new Frisco home by the end of this year.