Crow Holdings’ Timber Office Nabs Toyota Full-Building Lease

Toyota’s financial services division leased a full building in Frisco.

The company inked a deal for the 242,000-square-foot Southstone Yards, a timber office building at 4401 Cirrus Way, the Dallas Morning News reported.

The lease, secured on Nov. 7, is one of the largest office leases in Dallas-Fort Worth in nearly two years, according to CoStar. CBRE’s Trey Smith, Jackie Marshall and Ben Davis facilitated the transaction on behalf of the Crow Holdings, the building’s Dallas-based developer.

The seven-story building is part of a larger 45-acre mixed-use development by Crow Holdings. The Southstone Yards development includes office buildings, residential, retail and parks.

The Offices at Southstone Yards was the first timber-framed office building in the region in a century. It was delivered alongside 700 apartment units and a central park. Future plans call for a 338,000-square-foot office building, retail, a hotel and restaurants.

Toyota’s North American headquarters spans 2 million square feet at 6565 Headquarters Drive in Plano. The Frisco building is fully built except for interior tenant improvements, which will be completed before Toyota moves in later this year.

Toyota’s increase in number of employees since 2020 and a desire for more in-person collaboration were reasons for the lease, said Vincent Bray, a spokesperson for Toyota Financial Services.

The move comes amid a broader shift in office leasing, with companies seeking modern, sustainable workspaces designed to accommodate changing workplace needs.

Frisco’s population is expanding rapidly. More than 18,000 residents moved to the city between 2020 and 2023. Its real estate market is one of the most active in Texas, attracting significant investment and large-scale projects.

Notable developments in the area include the $520 million Omni PGA Frisco Resort, the Universal Studios theme park, the $7 billion Hall Park project by Hall Group and The Mix, a $3 billion megadevelopment by JVP Management.

— Andrew Terrell