Aimbridge Hospitality renewed its full lease at Plano HQ

Aimbridge Hospitality has renewed and extended its lease at its Plano headquarters.

Third-party hotel management company and operator signs five-year lease extension for 248,900-square-foot full-scale building at 5301 Headquarters Drive in Plano, Dallas Business Journal reported.

San Francisco-based investment firm Drawbridge Realty purchased the five-story building in June 2022. The purchase was Drawbridge's debut in the North Texas real estate market. Aimbridge first leased 75,000 square feet of office space in the building in March 2019.

The building was developed by Cawley Partners on 200,000 square feet and expanded in 2021. Its amenities include a gym, conference center and courtyard lounge.

Challenges continue in the Dallas-Fort Worth office market, due to high interest rates, vacancies are added and evolving work models, but there are positive signs.

Other recent deals in Plano include Cadence McShane's 10-year lease for 16,000 square feet in A heritage circle. A partnership led by Gildenson Real Estate bought that 214,000-square-foot building late last year from Franklin Street Partners.

Elsewhere in Plano, chicken finger chain Raising Cane's Restaurants purchased the former Ross Perot Electronic Data Systems campus in Plano earlier this month, receiving a $6.2 million incentive package from the city. It is planning to move to the 400,000-square-foot property, at 5320 Legacy Drive in Legacy Business Park, from a 120,000-square-foot lease at 6000 Bishop Road in Plano.

In nearby Allen, Oklahoma City-based Pillar Commercial and Hall Capital have teamed up to develop a 225,000-square-foot Class A office tower at 701 South Watters Road. The project is expected to receive an incentive package from the Allen Economic Development Corporation, and the EDC may also offer subsidies to potential tenants of the development.

Aimbridge is privately held. It was founded in 2008 and manages over 1,500 hotels in 50 states and 23 countries.

-Andrew Terrell

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