T. Boone Pickens Primes North Dallas Expansion

DALLAS-”Drop the T,” instructs the Henry S. Miller Commercial broker. C’mon, that’s like taking the “T” out of Texas. Yes, THE T. Boone Pickens, one of the state’s most colorful characters, is back in the news.

This time, it’s not a corporate takeover but instead an expanded lease at Preston Commons, located at 8117 Preston Rd. in North Dallas. Shelve any image of plush penthouse offices and corporate jets. The savvy and seasoned oilman is taking it slow this time, adding just 3,107 sf for a total office size of 6,507 sf in an Equity Office Properties high-rise.

Henry S. Miller Commercial’s senior vice president Jerry Averyt, whose Texas drawl dances off every syllable, tells GlobeSt.com that foremost it has been a fun deal to cut, size notwithstanding. “He’s just a super nice guy and great to work with … and the people over there are wonderful,” Averyt says.

Since September 2000, Averyt has been scouting the Dallas metroplex, honing in on Picken’s home turf in upscale Turtle Creek for another office. In the end, Pickens has decided to stay put for the long term because additional space has come to market at his Preston Commons location, where the quoted rate is $23.50 per sf plus electric. Equity has used in-house representative Jessie O’Brien to seal the deal.

The 73-year-old Pickens, who many thought had faded into obscurity with retirement, has quietly been going about his business as chairman of Mesa Petroleum and B.P. Capital for perhaps three years now. The Holdenville, OK native, who rose to fame and glory with his corporate takeovers, is using this year to publicize his coming out of retirement. This month, he’s a featured interview in Dallas’ D Magazine and in April he had granted an interview to Dow Jones Interactive’s Clare Hart of Factiva.

These days, Pickens says he’s in the energy end of the commodity business and buying ranch land and developing it for quail hunting. That’s how Averyt came to hook up with the formidable Pickens, who uses another Henry S. Miller Commercial senior executive to scout for ranch land.

Pickens’ “ready, aim, fire” business strategy is a textbook classic that has wrought the best and worst of times for the high-flying Texas icon. Perhaps, it’s a more mature Pickens who relishes staying put in his North Dallas office, happy that extra space has simply become available early and allowing a move-in in the coming weeks.