Preston Park Proximity to Baylor Scott White Could Draw Med Tenants
Lincoln Property Company recently assumed leasing and management of Preston Park, its third partnership with TerraCap in DFW following the assignments of The Addison in 2018 and Preston Park Towers.
PLANO, TX—Preston Park is a two-building 199,000-square-foot office property located on 12 acres at 1800 and 1820 Preston Park. The buildings were completed in 1997 and 1998, and recently updated with upgrades to the lobbies, common areas, tenant lounges and conference center.
TerraCap Management LLC, a Florida-based privately held investment firm, acquired the buildings last month. The campus is positioned near the West Park Boulevard retail, restaurant and entertainment thoroughfare a mile north of the President George Bush Turnpike.
Lincoln Property Company recently assumed leasing and management of the buildings. This is Lincoln Property Company’s third partnership with TerraCap in Dallas/Fort Worth, following the assignments of The Addison in 2018 and Preston Park Towers in 2019 (less than a half-mile from the new acquisition).
“Preston Park is a perfect complement to TerraCap’s adjacent property, Preston Park Towers,” said Mark Dickenson, executive vice president of Lincoln Property Company. “Our team has a proven positive track record in the Tollway/Plano submarkets and we are pleased to again partner with TerraCap as they expand their presence here.”
The Lincoln Property Company leasing team for Preston Park is Campbell Henry, Chris Axley and Hudson Dozier, and property management is led by Andrew Jones.
“The building has a pretty diverse tenant mix,” Dickenson tells GlobeSt.com. “We are focused on class-A general office uses, but can also accommodate some appropriate medical uses given our close proximity to Baylor Scott & White’s Plano hospital.”
CBRE Research reports that while the Dallas-Fort Worth labor market is recovering at a swift pace, the office market has recorded a slower recovery through third quarter. Net absorption totaled -2.1 million square feet versus 500,000 in third quarter 2019, with Preston Center and Richardson/Plano as the only submarkets that had positive absorption this quarter. Sublease space on the market has continued to rise, now totaling 8.5 million square feet within CBRE Research’s tracked office dataset.