Plaza at Preston get long-term leases

DALLAS – The $40 million Plaza at Preston Center, located at the southeast corner of Northwest Hwy. and Preston Rd., has yet to open, but the Class A, five-story building is already changing its name as it grabs two long-term office tenants.

Dallas-based Cambridge Holdings Inc. and Morgan Stanley Wealth Management have signed long-term leases within the office building, which will now be known as The Cambridge Building. Along with naming rights to the building, Cambridge will get upper-floor signage on three sides of the building for leasing 18,756 sf, while Morgan Stanley will receive top-of-building signage with its lease for 14,317 sf.

The building’s market lease rate has been upped from $46 per sf to $48 per sf, plus electricity, for the remaining 6,000 sf on the third floor. According to Jones Lang LaSalle, the submarket’s average lease rate is $31.02 per sf for Class A office space.