DALLAS—Office space within the Preston Center submarket is at a premium. Through fourth quarter 2017, the submarket recorded 4.2 million square feet of inventory and a 14.4% vacancy rate. Its desirable location and close proximity to executives' homes has driven average asking rental rates to $40.25 per square foot, second only to Uptown which is at $41.26 per square foot, according to JLL research.
A recent office lease extension and expansion for GRP Energy Capital, an energy private equity firm, is an example of the activity in the submarket. GRP is expanding its initial 3,650-square-foot office footprint at Sherry Lane Place located at 5956 Sherry Ln. to 5,704 square feet.
JLL managing director Greg Biggs, along with associates Harrison Burt and Maggie Birnbach negotiated the lease on behalf GRP Energy Capital. Cushman & Wakefield's Ward Eastman represented the landlord, Sherry Realty Holdings LP.
“GRP Energy Capital's expansion and extension reaffirms the growth of their company and the growth of the region,” said Biggs. “Their centralized location, accessibility and nearby amenities provide a great corporate environment to continue cultivating first-class services for their clients. We're thrilled to play a role in securing their corporate home.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
