Finish-out work is under way on all four offices in the nine-story building at 8222 Douglas Ave. "There's a lot of dust flying," says Benjamin Hautt, senior associate for Stream Realty Partners LP in Dallas. He and associate Brandon Slay represented the building owner, a Houston-based limited liability company.
Hautt and Slay have nudged occupancy 15% in the past six months, getting the assignment shortly after the building was bought from Skyrise Properties LLC of Dallas. "Ben and my goal was to get all four of these closed--and it happened in one week," Slay tells GlobeSt.com.
Inking the largest deal was Matrix Alliance Recovery Systems, which renewed and expanded to 6,205 sf for five more years. The company added 3,070 sf, redid its lease three years early and took the balance of the third floor. Matt Perry of Miller-Laughlin Commercial in Dallas was the tenant rep.
To get Matrix's expansion space, Remington Partners agreed to shift its office to the fifth floor, signing a 1,630-sf lease. The 3.5-year pact added roughly 40 sf to the bottom line. The move is penciled for Feb. 1. Remington's broker was Ward Richmond with Cushman & Wakefield of Texas Inc. in Dallas.
Park Cities Pediatrics & Ophthalmology will move in March 1 to 5,338 sf on the fourth floor, pushing it too to 100% full. Represented by Evan Reynolds of the Reynolds Co. in Dallas, the doctors signed an 89-month lease for the new office.
Dr. Linda Crawford, an orthodontist, leased 3,587 sf on the sixth story, filling yet another floor. Also planning a March 1 move-in, the doctor inked a 10-year lease. Doug Carignan with Dallas-based Staubach Co. was her broker. She is relocating from 8215 Westchester Dr.
One Preston Centre is a 50-50 mix of medical and professional office tenants. The quoted rate is $27 per sf for office and $32 per sf for medical space.
The brokers say the 32-tenant building has just 5% of its roster rolling this year, a clear signal that it's rebounded and nearing its late 2002 occupancy level of 94.7%. "And, we've started working on those already," Hautt says. "The stars have aligned."
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