UPDATED | February 5, 2016 8:52 AM

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NEW YORK (CBSDFW.COM/AP) — JCPenney is looking to potentially sell and partially leaseback its headquarters in Plano to help lower debt and create long-term savings.

On the J.C. Penney Company website, the company said it is considering the option “as part of an ongoing effort to reduce outstanding debt and effectively manage expenses.”

The department store operator said Friday that it has a surplus of square footage available in the Plano office building, on Legacy Drive between the Sam Rayburn Tollway and the Dallas North Tollway, with favorable market conditions making it a good time for such a real estate transaction.

Marvin R. Ellison, chief executive officer for JCPenney, said, “With the tremendous growth and development currently taking place within Plano and North Texas, there’s no better time to take advantage of this lucrative market by pursuing a sale of our Home Office real estate.”

J.C. Penney Co. has been in the three-story, 650,000 square foot building since 1992. The campus sits on 64 acres.

The company had a strong holiday season, with a key sales metric rising 3.9 percent as shoppers picked up home goods and other gifts. Earlier this month it started selling refrigerators, washing machines and other appliances at some of its stores for the first time in more than 30 years.

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