PCCP LLC recently formed a joint venture with Cawley Partners and Staubach Capital for the acquisition and leaseback of a two-building 474,782-square-foot global headquarters office campus located at 3150 and 3120 Sabre Dr. in Southlake. The property is occupied by the seller, Sabre Corporation, the global distribution systems provider for North American air travel bookings, which will be leasing back the property from the new ownership.

“Our joint venture saw this acquisition as a compelling opportunity to own a well-maintained class-A office campus at a favorable basis in a top area of the Dallas-Fort Worth market that continues to attract large tenants due to its proximity to decision-makers. We also liked the prospect of adding future value for the second building which once renovated, will provide some of the top space in the submarket,” said Ron Bonneau, PCCP managing director.

Built in 2001 as a build-to-suit for Sabre, the property is situated on 25.02 acres and consists of one five-story 265,942-square-foot building and one four-story 208,840-square-foot building. The new ownership has negotiated a 12-year lease with Sabre for the entire 265,942-square-foot building and will occupy the second building on a short-term basis. Once the second building is vacant, the ownership will begin exterior renovations to create an individual identity apart from the first building.