Pegasus, Lion team up on Preston Center buy

DALLAS – PegasusAblon and Lionstone Group have purchased the Jones Lang LaSalle building and adjoining BBVA Compass Tower on Douglas Ave.

The buildings were bought in a venture with the Oregon Public Employees Retirement Fund. The Preston Center office buildings, located just east of the Dallas North Tollway, had been for sale since last year.

The 16-story Compass tower and the seven-story JLL building next door contain about 370,000 sf and are almost fully leased.

They were sold by a partnership set up by Lincoln Property Co. Terms of the sale were not disclosed.

With the new purchase, PegasusAblon and Lionstone Group now own more than 700,000 sf of Preston Center office space. The partners own the nearby 8300 Douglas office building and the One Preston Center office building.