New development around Preston Center might be slow, but office space in the area continues to lease as quickly as any spot in Dallas.
That’s why a pair of developers, including Dallas-based PegasusAblon, plan to construct a new 12-story office tower on Berkshire Lane, between Douglas Avenue and the Dallas North Tollway, that could be complete in early 2017.
The 171,583-square-foot structure will be called the Terraces at Douglas Center, named after the balconies on its upper floors. The developers are touting unobstructed views of North Dallas and the Preston Center skyline, as well as modern environmental standards, contemporary design, and security and concierge services.
“Preston Center is one of the hottest submarkets. Occupancy rates are high in every tower, and there’s not a lot of land left to build on,” said Jennifer Smart, PegasusAblon marketing communications director. “The time seemed right.”
PegasusAblon already owns two adjacent buildings in the 8300 block of Douglas with Houston-based Lionstone Investments, one of which houses its headquarters. The firms plan to brand the complex collectively as Douglas Center, although each building will retain a separate name as well.
“The development of a brand new high-touch, high-service property, along with the re-branding of the entire site as Douglas Center, allows us to unite the Terraces with our existing buildings at 8333 Douglas and 8343 Douglas while increasing the value of the entire project for both our tenants and our investors,” said PegasusAblon principal Michael Ablon.
While various obstacles have prevented recent efforts to bring retail and residential construction to Preston Center — prompting the creation of a task force of Dallas civic and business leaders to study long-term planning — this project doesn’t need rezoning or other city approval to proceed.
“The Terraces at Douglas Center will add some of the highest quality, amenity-rich space in the submarket,” said Dan Dubrowski, founding partner at Lionstone Investments, in a statement. “The property is designed with the 21st century user in mind, offering tenants an environment that appeals to established and young creative firms alike, all in a walkable, urban experience.”