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.”

Instant Insights /

Office Rents Second Only to Uptown

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