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Granite Puts 261,993-SF Preston Plaza on Market

DALLAS-The 10-year owner says it's time to sell the 86%-leased class A office building and parking garage. The deal's sweet spot is below-market rents in a prized location.

By Connie Gore | Updated on February 15, 2008

DALLAS-Setting up a value-add opening along Preston Road, Granite Properties is bringing a 261,993-sf, class A office building to market. The sales blitz is ready to begin for the 86%-leased Preston Plaza.

Jack Crews, managing director in Dallas for Jones Lang LaSalle, says it’s been since midyear 2007 that a class A building along the prized Preston Road has come on the market. “Preston Road has almost always been in the same ownership hands,” he says. Dallas-based Granite’s decision to sell the 10-story structure at 17950 Preston Rd. is merely a move to reap its gain after a 10-year hold, according to Crews, who’s teaming with JLL managing directors John Alvarado and Evan Stone to march the building and parking garage to the market.

Crews says the sales pitch will include a call for offers in about three weeks. “This is one that’s going to attract interest, whether it’s institutional or private,” he says. “We’re looking for a good response from the market.”

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