Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-BentleyForbes Group is dangling 958,012 sf of predominately trophy space before the capital markets, offering its prized Preston Center space and a newer class A in Far North Dallas to the acquisitions-hungry crowd.

CB Richard Ellis executive vice presidents Russell Ingrum and Gary Carr have secured the listing after a closely guarded round of interviews with a select group of investment sales teams. The offering’s crown jewel, bought in May 2005 for $135 million, is the 418,584-sf Preston Commons, a trio of mid-rise buildings in the 8100 block of Preston Road, and 303,000-sf Sterling Plaza at 5949 Sherry Lane. The Far North Dallas piece is the 236,428-sf Park Center at 2400 N. Dallas Parkway, a suburban beauty acquired for $50 million just 11 months ago.

“We’re just going to look at what the market will bring,” David W. Cobb, president and CEO of the Los Angeles-based BentleyForbes, tells GlobeSt.com. “We’re testing the market for what the results will look like. If we cannot get a premium, then we will keep them.” The Preston Center trophies are 90% leased and Park Center is 100% occupied.

Cobb says the offering isn’t a signal that BentleyForbes has tired of the Dallas office market, but is more a test of its peers’ hunger for high-end space in two of the region’s top-performing submarkets. “We’re looking to buy more all the time,” he stresses. “We’re not looking to get out of Dallas.”

Neither Cobb nor the brokerage team will venture a guess as to what the prized package will bring. “We’ll let the market tell us what they’re worth,” Cobb says.

A fair benchmark for the deal is the often used comparison of Dallas to Atlanta. The Buckhead submarket, with the same gold-plated space and high barriers to entry as Preston Center, has had deals close this year at more than $300 per sf. Even BentleyForbes wheels and deals in the Atlanta marketing, with the latest move being the $436-million purchase of the 55-story Bank of America Plaza in the CBD.

Carr says the Dallas trophy showcase’s teaser went out Monday in a broad marketing to all the right players in the capital markets game. “Because of the trophy-core quality of the assets, we believe there’ll be a lot of interest in the buildings,” he says. “The response so far has been good.” The call for offers is penciled for late November.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.