DALLAS - Dallas’ PegasusAblon and Lionstone Investments of Houston will build the 12-story office project in Preston Center on Berkshire Lane.
The Terraces at Douglas Center building — which will be built between Douglas Ave. and the Dallas North Tollway — will contain almost 172,000 sf and be ready in early 2017.
Office vacancy rates in Preston Center are below 10 percent. In addition, the North Dallas business district has the highest average rents — more than $34 per sf.
The new building will have stair stepped upper floors and will share parking with the adjacent 8300 Douglas tower, which Lionstone and Pegasus bought in 2012.
“We are rebranding the entire project and calling it Douglas Center,” developer Mike Ablon said. “The new office building will be marketed to small and mid-size office tenants.”
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