Nokia Leases 350,000 SF in Billingsley’s Cypress Waters Development
Nokia leases 350,000 SF in Billingsley project.
DALLAS — The City of Dallas and Billingsley Company, developer of Cypress Waters, have announced that Nokia has signed a lease for 350,000 square feet to consolidate its Dallas–Fort Worth operations and relocate its North American headquarters to Cypress Waters.
Nokia will occupy two buildings in The Sound at Cypress Waters, a new lakefront mixed-use neighborhood featuring offices, apartments, retail and restaurants along the waterfront of the 362-acre North Lake.
“Nokia’s North American headquarters is a major win for Cypress Waters,” said Lucy Billingsley, Partner at Billingsley Company.
The company will take 100,000 square feet at 3100 Olympus, a multi-tenant building already housing Delta Companies and TAMKO, and 250,000 square feet at the adjacent building at 3201 Olympus Blvd. Nokia’s planned timeline for completing the consolidation was early third quarter 2019.
Lucy Burns, Partner at Billingsley, noted that the extension of Olympus Boulevard, which connects I-635 to Belt Line Road, will become an important thoroughfare for residents of Coppell and Irving and is expected to transform local traffic patterns. She also highlighted that the DART station on the Cotton Belt Line scheduled to open in 2022 will further improve accessibility to the development.
Marijke Lantz, Senior Vice President of Business Pursuits for Billingsley, spoke about continued expansion: “With demand rising at Cypress Waters, Billingsley plans to break ground on another 250,000-square-foot speculative building this summer and a fifth 250,000-square-foot building on Olympus Boulevard in January 2019.”
Randy Cooper, Craig Wilson, Chad Tsitovich, Scott Goldman and Chris Wood of Cushman & Wakefield represented Nokia in its real estate search. Marijke Lantz represented Billingsley Company in the transaction.
