The Dallas-based PRG bought the site in November 2003, strikinga deal with America Medical Office Partners, with principals inDallas and Los Angeles, to build a three-story medical officebuilding. The partner had six months to lock in pre-sales and getthe project moving. About three months ago, PRG principals MarkRobertson and Drew Peterson started a new search for a new partner."Shea was the best positioned for that property," Robertson says ofthe half dozen serious contenders.

Under a contract inked just 20 days ago, Shea will pay $2.4million for the land, spend about $7.6 million to raise thebuilding and market the development, Preston Hollow ProfessionalCenter, as "for sale" office condos without the limitation ofmedical-related tenancy. PRG will retain a profit-sharingpercentage in the asset.

Peter Meyer, Shea's principal in Dallas, tells GlobeSt.com thatground will break by year's end, about three months after it startsthe 62,000-sf Royal Creek Office Suites, positioned five miles tothe southeast and close enough for overflow condo sales. With thatproject 50% pre-sold, Meyer says he's already fielding interest forPreston Hollow from medical, legal and architectural firms.