Master-planned, 1,000-acre Cypress Waters is being developed by Billingsley Co.

DALLAS – Nationstar Mortgage Holdings Inc. will move its headquarters and more than 1,300 employees to a portion of the $3.5 billion, master-planned Cypress Waters development. The Lewisville, TX-based mortgage company will occupy a 175,585-square-foot facility; only a portion of the 1,000-acre project, which is being developed by locally-based Billingsley Co

The move will consolidate five of the company’s locations into four.

“It will reduce our overall costs, provide a very productive, open space design for our employees with double the meeting and team collaboration space, and also gives us the flexibility to grow and expand based on our needs in the future,” says Doug Gordon, corporate vice president of real estate and facilities for Nationstar.

Nationstar will be Cypress Waters’s first major corporate tenant. Billingsley is also constructing a new headquarters facility for Farmers Branch-based home security and alarm firm Monitronics Inc. The company will occupy a 165,000-square-foot building. Additionally, Cheddar’s Casual Café will have a 31,450-square-foot headquarters building in the development.  

In addition to these build-to-suit deals, Billingsley has a 180,000-square-foot speculative office under construction.

Last week, rumors began to circulate that 7-Eleven is looking to move out of downtown and into the Cypress Waters development. Reports say the company is looking to create more of a campus environment, than the downtown location allows.

“This is something that’s been going on for several months,” John Crawford, president and CEO of Downtown Dallas Inc., tells the Dallas Business Journal. “They have been talking back and forth and it’s become a situation where the business plan has changed.”

In 2005, 7-Eleven inked a deal for another Billingsley development, signing a 15-year lease with three five-year options for One Arts Plaza. At the time, the development was the first high-rise project in 18 years for the downtown Dallas area. 7-Eleven has occupied a portion of the 24-story building since it opened in 2008.    

7-Eleven and Billingsley executives have declined to comment on the speculation.