DALLAS--CNL Commercial Real Estate has completed a 232,000-square-foot, 12-year lease on behalf of GEICO in the former Fossil Watch headquarters in Richardson.

Dallas-based CNL, in partnership with Plymouth Meeting, PA-based CenterSquare Investment Management, purchased the building complex, located at 2280 N. Greenville Ave., at the end of last year. The complex includes a 192,000-square-foot, two-story office building and an accompanying 135,000-square-foot warehouse building.  

CNL is renovating the office building and, in lieu of converting the warehouse building into more office space, the company will instead transform the warehouse into covered parking for GEICO employees, giving the building one of the highest parking ratios in the entire market, CNL says. CNL will also be expanding the office building by an additional 40,000 square feet to accommodate GEICO's needs.

"It's a true honor for us to play a role in GEICO's journey to its new home in Richardson,” Jimmy Grisham, principal of development and investment at CNL, told GlobeSt.com.  

CNL Commercial Real Estate was drawn to the Richardson submarket due to high activity in the area, evidenced by the new two million square foot State Farm headquarters building. Following its success with GEICO, CNL Commercial Real Estate is continuing to survey the region for additional opportunities.