D CEO Names Younger Partners’ Tenet HQ Relo/Lease to 2020 Commercial RE Awards
Younger Partners is excited to be a D CEO 2020 Commercial Real Estate Awards finalist for the Tenet Healthcare HQ relocation/lease. Winners will be revealed by D CEO in March. YP’s Kathy Permenter and Moody Younger represented Fortune 500 Tenet in a more than 392k SF lease at International Plaza 1. Cushman and Wakefield represented the landlord.
At 392,201 rentable square feet, Tenet Healthcare’s lease in International Plaza I was one of Dallas’ largest office leases of 2019. It was also one of the largest leases closed in existing product (non build-to-suit) in DFW in the last eight years, and the largest lease closed in more than 15 years in the southern part of the Dallas North Tollway. The leading healthcare services company signed a long-term lease for the entire 13-story, Class-A office tower to establish its new headquarters.
Tenet is a Fortune 200 company and the third largest investor-owned hospital company in the country. With this move, Tenet can consolidate its Dallas-area operations from multiple offices to a single headquarters location, which will support its efforts to bring more of its teams together to deepen integration and collaboration. The property’s convenient location near the Dallas North Tollway and Interstate 635 will also provide easy access for Tenet’s diverse employee base.
Ronald A. Rittenmeyer, Executive Chairman and CEO of Tenet Healthcare, said, “Moving to International Plaza will support our efforts to bring more of our teams together and deepen integration and collaboration. International Plaza is a great new home for our corporate headquarters and provides us with the opportunity to further enhance our working environment for the benefit of our colleagues.”
The Tenet lease comes just one year after Taconic Capital Advisors acquired International Plaza I and II—one of the most notable office developments on the Dallas North Tollway—and before the new landlord completed a multi-million-dollar capital improvement plan of both buildings. The extensive renovations played a major role in attracting Tenet, as the company prioritized providing an attractive, amenity-rich office environment for its employees.
Additionally, Tenet wanted to fast-track the move-in process and create one enterprise that merges the best aspects of the organization’s cultures. By adopting a singular philosophy and minimizing silos, synergies between users will increase. The lease was completed in early summer and employees began moving into the facility in December while the finish-out continues.