Fannie Mae looking at Plano's Granite Park project for major office move

Category: Prevent Foreclosure Published: Saturday, 23 January 2016 Written by Super User

After looking at multiple locations along the Dallas North Tollway, mortgage giant Fannie Mae has zeroed in on a West Plano project for its new regional headquarters.

But the move from Far North Dallas and Farmers Branch won't happen for a couple of years.

Fannie Mae has an agreement with Granite Properties to locate in a new tower in its Granite Park development at the tollway and State Highway 12.

The mortgage firm has been scouting the market for up to 300,000 square feet of office space

"We are going to be reducing our overall footprint in the Dallas area," said Fannie Mae spokesman Andrew Wilson. "We currently have about 450,000 square feet.

"It's a significant reduction in our footprint which will result in a significant reduction in our cost that's an important thing for us."

Wilson said the federally chartered mortgage company also wants to get all of its folks in one location.

"By consolidating our teams in Dallas in one location it will allow those teams to work more efficiently."

The mortgage company now has more than 1,000 people working in three buildings along the Dallas North Tollway in Far North Dallas and Farmers Branch. The current offices locations include the Galleria Dallas towers and the JP Morgan International Plaza in Farmers Branch.

The Dallas operation is second in size only to Fannie Mae's Washington, DC headquarters.

"Dallas is a pretty significant hub of mortgage expertise," Wilson said. "Our teams there are responsible for our work with mortgage servicers, with our work to prevent foreclosure for borrowers that our struggling and our work to manage properties with a foreclosure cannot be prevented."

Wilson would not disclose how many Fannie Mae workers will be relocating to Plano.

"We don't make any comments about how many employees we have in a different place," he said.

The shift in the North Texas operations won't be completed for a couple of years.

"We are tentively looking at early 2018 to begin the move," Wilson said

Fannie Mae looked at locations in the new Legacy West development and at a building proposed near the Shops at Legacy for potential locations.

Granite Park is a 5-building office complex that includes retail space and a new Hilton Hotel.

The new Granite Park V building in the project contains more than 300,000 square feet.

Granite Properties officials will not confirm or deny that Fannie Mae is looking at their project.

Fannie Mae's move to Granite Park is another major office win for Plano.

Toyota, Liberty Mutual Insurance and FedEx Office have all picked Plano locations near the intersection of the tollway and SH 121 for new offices.

And financial services giant JP Morgan Chase is considering a site at the southwest corner of the tollway and 121 for a new campus that would have close to 1 million square feet of offices.

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