JC Penney announced today the $353 million sale of its Home Office building, located at 6501 Legacy Drive, Plano, and surrounding 45 acres of land to Dreien Opportunity Partners, a commercial real estate company based in Dallas. As previously announced by JC Penney, the company will lease back 1.1 million square feet, or about 65 percent, of the building. JC Penney has occupied the three-story space since 1992. “Our team reviewed numerous offers and decided that it was most advantageous to select Dreien Opportunity Partners, whose leadership recognizes the building’s long-term potential and has demonstrated tremendous support of [JC Penney] as we maintain our Home Office operations,” JC Penny Chairman and CEO Marvin Ellison said in a news release. As the new owner, Dreien will be able to market and lease over 680,000 square feet of space. “This transaction also represents a significant financial milestone for [JC Penny], as proceeds from the sale give us the opportunity to reduce outstanding debt and make improvements to our workspace, creating a modern and efficient environment that fosters productivity and seamless collaboration,” Ellison said in the release.