The Biggest Office Block in North Dallas' Preston Center Is Up for Sale

The biggest block of office space in North Dallas' Preston Center business district is up for grabs.The 3-building Douglas Center office complex at Douglas Avenue and Berkshire Lane has almost 600,000 square feet of space.The project is more than 80% leased to tenants including BBVA, JLL, WeWork, Eagle Materials and Whitley Penn."Douglas Center represents a generational opportunity for investors to acquire a critical mass of institutional-quality product within the most dynamic, amenity-rich, and supply-constrained market in the southwest United States," brokers at HFF and JLL who are marketing the project say in the offering for the buildings.The sale includes a just completed 12-story office building on Berkshire and older 7-story and 14-story buildings.The office complex is owned by a partnership that includes Dallas' PegasusAblon.Because zoning restrictions in Preston Center, few additional office projects are on the horizon in the area around the intersection of Preston Road and Northwest Highway.Douglas Center is just the latest in a series of big Dallas-area office properties to hit the market this year.Almost a half dozen major downtown buildings are up for sale including the city's largest 72-story Bank of America Plaza.  Continue reading...