Lockheed Martin Corp. has renewed a 455,000-square-foot office at Fossil Creek Business Park at 5555 N. Beach Street in Fort Worth. JLL’s Todd Burnette touts it’s the largest lease in DFW in the last decade.
The Dallas Business Journal reports the renewal extends the lease to August 2031. Approximately 1,800 employees involved in supply chain, aircraft sustainment programs, and advanced development programs work at the office.
JLL reports that vacancy rates in downtown Fort Worth are as low as 13.2%, prompting many companies to remain in their existing offices due to a lack of suitable alternatives.
Lockheed assembles F-35 Lightning II fighter jets in Fort Worth and has recently secured a $24 billion contract to produce nearly 300 more jets for the U.S. military and its allies. The company employed about 19,200 people in Fort Worth as of mid-year.
Through the third quarter, Fort Worth saw 195,650 square feet of positive absorption of class A space, while older offices saw negative 521,763 square feet of absorption.
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