Office Portfolio With Uneven Leasing Hits Market
Owners and investors eyeing North Texas office space should weigh the discount to replacement cost against the leasing gaps.
Updated on Nov. 4, 2026 in Commercial
Franklin Street Properties has placed an 11-building office portfolio up for sale, with JLL marketing the properties. The portfolio totals 4.6 million square feet, and five North Texas buildings in Plano and Addison span upwards of 700,000 square feet, which is relevant to Dallas-area commercial property watchers.
Why it matters
The listing describes the price as a meaningful discount to replacement cost, which matters for owners, investors and local businesses tracking what office space is worth in the Dallas market. Lower-leased buildings in the portfolio show how much vacancy remains in some suburban North Texas office stock.
The five North Texas buildings span upwards of 700,000 square feet within the 4.6 million square foot portfolio, which also includes properties in Houston, Denver and Minneapolis. Addison Circle One is 65 percent leased, Liberty Plaza 64 percent and Legacy Tennyson Center 41 percent.
The players
Franklin Street Properties
A publicly traded real estate investment company that owns and manages office properties across the United States.
JLL
Jones Lang LaSalle, a global commercial real estate services firm that is marketing this portfolio for sale.
The details
JLL is marketing the 11-building portfolio for Franklin Street Properties, describing the price as a meaningful discount to replacement cost. The local buildings are in Plano and Addison, and their appraised values come from the Dallas County and Collin County appraisal districts. Leasing levels differ widely across the properties, which affects how a buyer would underwrite income.
Timeline
Third quarter 2026: Dallas office market net absorption climbed and vacancy declined.
Second quarter 2026: Trophy offices in Uptown's Y'all Street made up 60 percent of the construction pipeline.
The Home Front
Dallas office absorption rose and vacancy declined in the third quarter of 2026, while trophy offices in Uptown's Y'all Street made up 60 percent of the second-quarter construction pipeline. This portfolio sale puts suburban North Texas office buildings with uneven leasing on the same market backdrop.
If you own a small business or rent office space, watch local listings in Plano, Addison and Dallas, since sales like this can shift lease rates in nearby buildings. Anyone considering a commercial purchase should work with a licensed commercial broker and attorney before making any decisions.
The takeaway
Office buildings with low leasing can be priced well below replacement cost, which makes vacancy a key number to check before any commercial purchase. Keep a licensed commercial broker and attorney on file if you are weighing an office deal in North Texas.
Further reading
For more on how office leasing and vacancy shape local deals, browse our Commercial coverage.
Source note: This article includes information reported by The Real Deal New York.
