Pioneer Natural Resources has officially packed up and moved out of its roughly 1.1 million-square-foot headquarters at 777 Hidden Ridge, blowing a gaping hole in the Las Colinas office market and tipping North Texas into negative net absorption in the first quarter of 2026. The 10-story, built-for-Pioneer campus, which debuted in 2019, is now fully on the market, leaving brokers and owners scrambling to drum up interest in a single, massive block of Class A space just as a fresh batch of new high-end offices is about to hit the Dallas market later this year.
A Newmark market report, cited by The Real Deal, pegs Pioneer’s exit as the key swing factor that pushed first-quarter net absorption into the red and left the overall vacancy rate hovering around 24.5 percent. The report notes that without Pioneer giving back its space, absorption for Q1 would have landed in positive territory, a reminder that one corporate move can still jolt the entire Dallas-Fort Worth office landscape.
History and ownership of the Hidden Ridge campus
The roughly 1.1 million-square-foot, 10-story campus was developed by KDC as the flagship office component of the Hidden Ridge mixed-use project and officially opened for Pioneer in 2019, according to the developer’s materials. Washington, D.C.-based PRP Real Assets later acquired the building for $584.2 million, and Pioneer signed on for a long-term occupancy arrangement when it moved in, The Dallas Morning News reported.
What’s on the market now
Today, brokers are openly marketing the campus for lease, with listing sites advertising more than 1 million square feet available and highlighting that the amenity package remains in place. Tenants kicking the tires will find a town hall space, daycare, fitness center and food hall still part of the offering. Public listings tie Cushman & Wakefield to the property, and the firm was initially tapped to manage the campus when it first opened. (LoopNet; Cushman & Wakefield.)
Why the vacancy happened
The big empty space traces back to ExxonMobil’s acquisition of Pioneer, a deal that closed in May 2024 and reshaped Pioneer’s corporate footprint. ExxonMobil pitched the transaction as a major consolidation play in the Permian Basin that would inevitably trigger changes in how the combined company operates and uses real estate.
Market impact and pipeline pressure
Newmark’s first-quarter overview, again highlighted by The Real Deal, notes that Dallas still has about 2.4 million square feet of Class A offices in the development pipeline, with four projects slated to deliver this year. That new supply will only stiffen the competition for tenants. In the meantime, getting this single, high-quality megablock of space re-leased has become a top priority for landlords and local brokers, since how it is filled, and at what terms, could ripple through concessions and leasing velocity in Las Colinas and nearby submarkets.
For Irving officials and the building’s owner, the immediate question is whether PRP and its brokerage team can backfill the campus quickly or whether it risks turning into a lingering vacancy that weighs on comparable rents and sales. However it plays out, the building’s next chapter will help shape how investors and tenants view newly delivered Class A space across Dallas this year and could quietly set the tone for leasing strategy across the metro.
