Mortgage lender Mr. Cooper lists Coppell headquarters for sublease

Mr. Cooper is trying to reduce its footprint in the Metroplex.

The mortgage lender is offering its nearly 176,000-square-foot headquarters, at 8950 Cypress Waters Boulevard in Coppell, for sublease. The terms of the lease are through January 2030. The listing does not provide a rate. It’s being marketed by Renee Castillo at CBRE. 

Mr. Cooper put the space up for sublease primarily in response to the declining demand for mortgage refinancing, said Steve Triolet, senior vice president of research and market forecasting at Partners Real Estate. Mr. Cooper laid off about 1,500 employees last year, most of them in Arizona, the Dallas Morning News reported. 

The listing coincides with mounting legal trouble for Mr. Cooper. On Oct. 31, the company said it experienced a cyber attack in which unauthorized third parties gained access to customers’ names, social security numbers, addresses, phone numbers and dates of birth. Since the breach, at least four class action lawsuits have been filed against Mr. Cooper, alleging the company did not adequately safeguard the confidential personal information of its approximately 4.3 million customers. 

Mr. Cooper holds loans worth $937 billion and is the country’s largest non-bank servicer of home mortgages. The company has completed two major acquisitions this year. In April, Mr. Cooper purchased Rushmore Loan Management Services. Less than a month later, it acquired Michigan-based Home Point Capital for $324 million and assumed $500 million of the company’s outstanding debt, due February 2026, the Dallas Morning News reported.

The sublease listing is hitting a chilly DFW office market. Overall vacancy in the office market jumped from 22.8 percent in the third quarter of 2022 to 24.2 percent in the third quarter of 2023, according to Partners. Available sublease space in the market has hovered at 11 million square feet throughout the last year, Triolet said.