Taconic Capital signed Tenet Healthcare to a long-term lease for its new headquarters.

FARMERS BRANCH, TX—Taconic Capital Advisors is in the midst of a multi-million-dollar capital improvement plan at International Plaza I and II, with renovations expected to be completed in December. Just over a year after acquiring the complex in December 2018, Taconic Capital signed Tenet Healthcare Corporation to a long-term lease for its new headquarters at the office campus at Spring Valley Road and the North Dallas Tollway.

The healthcare services company leased the entirety of International Plaza I, a 13-story 372,000-square-foot class-A office tower located at 14201 N. Dallas Pkwy. It is one of the most notable office developments on the lower Dallas North Tollway.

“We are so pleased to be moving to International Plaza to support our efforts to bring more of our teams together, and deepen integration and collaboration,” said Ronald A. Rittenmeyer, executive chairman and CEO of Tenet Healthcare. “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.”

Chris Taylor, Trey Smith, Matt Schendle and Lauren Napper of Cushman & Wakefield represent Taconic in marketing the property.

“The new environment being created through the renovations of International Plaza was very important to Tenet Healthcare, as they were committed to having the best environment for their employees,” Taylor said. “Taconic Capital was already well into their renovation planning for the International Plaza campus, and they have been committed since day one with making the significant capital investment to create one of the most unique and interactive office campuses in DFW.”

Moody Younger and Kathy Permenter of Younger Partners represented Tenet Healthcare on the lease transaction. Tenet made the decision based on a number of factors, said Permenter.

“It was very important for the complex to have high-quality food service on-site. Multiple meal options for both breakfast and lunch at various price points were critical,” Permenter tells GlobeSt.com. “Also important was an on-site fitness facility with showers and towel service. With Texas' unpredictable weather, covered access to the amenity space was also a requirement. The Lounge, Cafe and Lake House positively influenced the final decision as well.”

The positive outlook for the office market seems to be carrying over from 2018 so far this year. Absorption remained positive at 751,573 square feet of leased space, with Far North Dallas leading the way at 475,283 square feet of positive absorption, while LBJ Freeway had the most move-outs with 232,196 square feet of negative absorption, says a report by CBRE. Vacancy dipped 10 basis points since fourth quarter 2018, but has remained comparatively flat since last year.

Office development activity in first quarter 2019 was up slightly from last quarter, with 683,000 square feet of new office space breaking ground and a total of 4.1 million square feet in active construction.