This recent build, the global corporate headquarters for FedEx Office and Printing Services (S&P: BBB), is located in the Legacy West submarket of Plano, Texas. It is 100% leased to its anchor tenant on an NNN lease with 1.5% annual escalations through November 2027, with three five-year renewal options and no termination or contraction options. The current rent ($16.3/SF NNN) is nearly 35% below market ($25/SF NNN); assuming a 2.5% annual market rent growth, in-place rent in 2027 ($18.9) will be 41% below market ($32), providing tremendous upside upon renewal/re-lease. The property is positioned for future expansion as well, with the potential to build a 300K GSF 12-story office building and two parking garages with 1,800 total spaces on the existing site. PRP will operate the asset efficiently through lease expiration and renew FedEx at market rent.