One of the country’s oldest petroleum companies, Sunoco LP, has quietly become the newest corporate headquarters win for Dallas. Through its parent, Energy Transfer, Sunoco has leased nearly 121,000 square feet along North Central Expressway and is relocating here from its longtime home in Philadelphia.
Sunoco was acquired by Kelcy Warren’s Energy Transfer in 2012. It has leased all of 8020 Park Lane, which brokers say is the first multitenant office building developed along North Central Expressway in more than 15 years.
The Cushman & Wakefield team of Trey Smith, Ward Eastman, and Johnny Johnson represented the landlord, Northwood Investors. They say the building was generating “tremendous activity” and that multiple deals were in the works when the Sunoco opportunity came along. A lease was inked last August, just three months after construction was complete. Along with four floors of office space, 8020 Park Lane has street-level retail, with tenants like J Crew and DXL.
Sunoco began taking occupancy last month and has quickly established a prominent presence in Dallas, says Dan Harris, who, along with Cushman & Wakefield colleagues Randy Cooper and Craig Wilson, represented the tenant in its search.
Harris said Sunoco’s headquarters move speaks to the continued growth and overall health of the region. “It was a great win for Dallas to get this level of absorption in the heart of the city, with so many relocations establishing a presence in other submarkets, like Legacy,” he said. “Everything The Shops at Park Lane provides was a factor in making it the optimal location. Its walkability and the retail and other amenities in and around the development make it truly unique.”