Headlines

JCPenney Sells Corporate Headquarters

Investment group buys headquarters, land for $400 million

Published

7 years ago

January 4, 2017

JCPenney (Plano, Texas) has sold its corporate headquarters in Plano, Texas, for more than $400 million.

The 1.8 million-square-foot property was sold to an investment group headed by Dreien Opportunity Partners (Dallas), along with almost 40 acres of surrounding land.

The retailer plans to consolidate its offices into about 600,000 square feet at one end of the building, leaving more than 1 million square feet of office space for the new owners to rent out to other businesses.

According to The Dallas Morning News, the new owners plan to sell and develop the land around the offices and renovate the headquarter buildings. The area is adjacent to a $3 billion real estate project that is currently underway.

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