Reata Pharmaceuticals has signed an extension of its 121,903-square-foot sublease with Denbury Onshore LLC at 5320 Legacy Drive in Plano, which is currently one of the largest office leases of 2020.
The sublease will keep Reata in its existing headquarters as it awaits the completion of a new Legacy tower by Trammell Crow Co. where Reata will move its headquarters to. The subleased space is at the three-building, 1.2-million-square-foot, 107-acre Campus at Legacy property.
Reata, which primarily focuses on investigating experimental oral antioxidative and anti-inflammatory drugs, has already signed a lease for 327,400 square feet of space as the sole tenant of a new office tower west of the Dallas North Tollway on Legacy Drive. That building will be part of a two-tower complex the Trammell Crow Co. has planned at the site.
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Citing SEC filings, the Dallas Morning News reports that Reata’s new space in the tower will include a 40,000- to 60,000-square-foot rentable “superfloor” to be positioned over the top level of the podium parking garage. Also, a laboratory space is expected to be included in the new building, while Reata’s current lab is in Irving.
According to the Dallas-Fort Worth Real Estate Review, construction is expected to take roughly two years.
Mike Wyatt, Maureen Kelly Cooper, Robbie Baty and Travis Boothe of Cushman & Wakefield represented Denbury Onshore LLC. Jeff Ellerman and John Ellerman of CBRE represented Reata Pharmaceuticals in the sublease.
Boothe told Dallas Innovates Denbury previously occupied the space that Reata subleased, and Denbury right-sized into roughly 300,000 square feet of the more than 507,000 square feet of space it controls. According to Boothe, Denbury has additional space to sublease to potential users.
Reata Pharmaceuticals is coming off of a year in which it raised $505 million in November via a sale of its shares.
The funding raise came after a successful October for Reata in which it released phase 2 data for omaveloxolone for patients who have Friederich’s ataxia, a neurodegenerative disease that has no FDA-approved treatments.
Reata is also developing bardoxolone methyl for a variety of diseases of the kidney and vascular system.
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