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Commercial Real Estate

Nokia Signs Two-Building Lease at Cypress Waters

It's one of the largest leases in North Texas so far this year.
By Alex Edwards |

Nokia has signed a 350,000-square-foot lease at Billingsley Co.’s Cypress Waters, a move that will consolidate its DFW operations to become the company’s North American headquarters.

The deal includes two buildings in Cypress Water’s mixed-use, lakefront neighborhood called The Sound. The multinational telecommunication firm will occupy 100,000 square feet at 3100 Olympus and 250,000 square feet at 3201 Olympus Blvd. Of the 1,000-acre Cypress Waters, Nokia’s office space will be the largest, bringing over 2,300 employees from Irving and Plano to the development. So far this year, it’s also one of the biggest leases in North Texas.

“We are pleased to select Cypress Waters as our new home in Dallas,”NokiaHead of Workplace Resources for the Americas Dave Senior said in a statement. “This move will consolidate our Irving and Plano operations into a single location.”

Cypress Waters, located near DFW International Airport, is a master-planned community equipped with 8.5 million square feet of office space, 450,000 square feet of retail, 10,000 residences, and three schools.

“The opening of the Olympus Blvd. extension connecting I-635 to Belt Line Road will become a major thoroughfare for the citizens of Coppell and Irving,”Billingsley Partner Lucy Burns said in a statement. “It will be a game-changer for everyone in the area.”

Cypress Waters has been progressing since 2004, and already has several other office tenants such as Brinker International, Delta Companies, TAMKO, 7-Eleven, OneSource Virtual, CoreLogic, Mr. Cooper, and Cheddar’s. Fronting LBJ Freeway, the retail space will have more than 15 restaurants, including Newk’s Eatery, Gipsy Lime Taco, Persona Pizza and Crisp Salad. The Sound, where Nokia will be housed, is intended to be the town center.

Nokia’s consolidation at Cypress Waters should be completed in 2019. Cushman & Wakefield’s Randy Cooper, Craig Wilson, Chad Tsitovich, Scott Goldman, and Chris Wood represented Nokia. Billingsley’s Marijke Lantz provided in-house representation for the developer.

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