Stream Realty Partners Signs 177,743 SF of Leases at Sixteen Forty in Plano, Including Hyundai Motor America

DALLAS — Stream Realty Partners has secured five leases totaling 177,743 square feet at Sixteen Forty, a 208,691-square-foot office property at 1640 Dallas Parkway in Plano, Texas, the firm announced Oct. 28. The leasing activity, completed over the past 18 months, has brought the property to 85% leased. Tenants include Hyundai Motor America, which signed a new 16,706-square-foot lease represented by Cushman & Wakefield.

The property is owned by Orion Properties, which is funding a multimillion-dollar capital renovation to transform the building into a multi-tenant office destination.

Five Leases at Sixteen Forty

The five transactions include new leases, a renewal and a restructuring:

• Centre for Neuro Skills: a 23,224-square-foot new lease.
• Health services and insurance corporation: a 62,132-square-foot lease renewal and restructuring.
• Concentra Health Services: a 19,149-square-foot new lease.
• Financial services company: a 56,532-square-foot new lease, signed most recently.
• Hyundai Motor America: a 16,706-square-foot new lease.

New leases account for 115,611 square feet, or roughly 65% of the announced volume. The largest single transaction is the 62,132-square-foot renewal and restructuring, followed by the 56,532-square-foot financial services lease.

Stream Executive Vice President & Partner Tim Terrell and Senior Vice President Chase Lopez lead leasing efforts at Sixteen Forty on behalf of Orion Properties. Stream Managing Director Tyler Maner represented Centre for Neuro Skills. Searcy Ferguson of CBRE represented Concentra Health Services, and Don Yahn of Cushman & Wakefield represented Hyundai Motor America.

"Securing five leases in 18 months reflects the strong demand for well-located office space in Plano's Upper Tollway submarket," Terrell said. "Sixteen Forty's strategic location, combined with Orion Properties' vision for the future of the asset, has been a key driver of this leasing momentum. We're excited to build on that success as the property enters its next chapter."

From Single-Tenant to Multi-Tenant

Sixteen Forty was developed in 2009 as a single-tenant, build-to-suit office property. Under Orion Properties' ownership, the building has been rebranded and is transitioning to a multi-tenant environment. Renovations are underway and are expected to be completed by the end of 2027.

The capital program includes:

• A modernized two-story atrium lobby with elevated finishes and a concierge-style courtesy guard.
• A new tenant lounge with a planned grab-and-go food concept branded The Market at Sixteen Forty.
• A conference facility with multiple meeting rooms and state-of-the-art technology.
• EV charging stations.
• A fitness center with premium equipment, showers and locker rooms.

"Our strategy at Sixteen Forty has been to make disciplined investments that strengthen the property's competitive position and support long-term value creation," said Steve Palmesi, Investment Manager at Orion Properties. "The retention and attraction of investment-grade tenants reinforces our conviction in the asset and our vision for Sixteen Forty as a Class A destination for top-tier tenants."

Plano's Upper Tollway Location

Sixteen Forty sits at the northeast corner of the Dallas North Tollway and President George Bush Turnpike in Plano's Upper Tollway submarket. The location offers access to major transportation corridors, established residential communities, retail and entertainment destinations, and mixed-use developments.

Plano is a major North Texas financial-services hub, with approximately 26,000 financial-services workers, more than 130 tenants and 5.6 million square feet of office inventory in its leading financial-services concentrations. The property's tenant roster now includes a financial services company alongside Hyundai Motor America and healthcare-related users.

Dallas-Fort Worth Office Market Context

The leasing comes as the Dallas-Fort Worth office market shows signs of stabilization. Vacancy fell to 24.6% at the end of September 2026, down 40 basis points from the prior quarter and more than two percentage points below its late-2024 peak. The market recorded approximately 1 million square feet of quarterly net absorption without any new deliveries.

Leasing volume rose from 1.80 million square feet in the second quarter to 2.52 million square feet in the third quarter, while average asking rents increased to $35.09 per square foot from $33.34. Overall vacancy remains elevated, and demand has been concentrated in higher-quality buildings and premier submarkets.

About Stream Realty Partners

Stream Realty Partners is a national commercial real estate firm offering leasing, investment and development services. Headquartered in Dallas, the firm has operated since 1996 and has more than 1,550 professionals. It completes annual transactions valued at more than $11.5 billion across office, industrial, retail, healthcare, land and data center properties.

Sources

• Stream Realty Partners: Stream Realty Partners Secures Nearly 178,000 SF in Leases at Sixteen Forty