The consumer finance firm Cottonwood Financial Administrative Services has leased a big block of office space in Irving.
The company is taking almost 40,000 square feet at 2120 W. Walnut Hill Lane in Las Colinas.
The new space is in the three-building Cottonwood Office Center, which once housed offices of Liberty Mutual Insurance.
The lease is the second recent transaction in the office campus. Medpace Inc., a clinical research organization, has taken more than 47,000 square feet in the buildings.
“Coming out of the pandemic, we continue to see large employers targeting properties that can offer plug-and-play solutions at a value price point compared to the surrounding market,” John Dickenson, managing principal at Holt Lunsford Commercial, said in a statement.
The owners of the 165,000-square-foot office campus are renovating the property with a new amenity center, conference facility and fitness center.
Dickenson, Geoff Shelton and Marshall Mays of Holt Lunsford Commercial negotiated the new lease with Kevin McGovern of Younger Partners.
The Cottonwood Office Center leases are some of the largest recent building transactions in Irving.
During the first quarter, net office leasing in the Las Colinas area fell by more than 350,000 square feet.