Westcott LLC and JaRyCo Development LLC have selected Jones Lang LaSalle to lease up its planned Preston Bend Office Park in Plano. The development will sit on about 28 acres at Preston Road and Headquarters Drive.
Phase I calls for a three-story, 109,988-square-foot office building; the project has the potential to total about 750,000 square feet. The developers are looking to prelease about 50 percent of the space before kicking off construction.
James Esquivel, executive vice president, and his JLL colleague Sandie Matejek, senior vice president, will market the project on behalf of JaRyCo, an Allen-based company led by Bruce Heller.
The project is in the early stages of design, Esquivel said.
Wescott, which has teamed up with JaRyCo on other projects in the past, has owned the land for a number of years. Court Westcott, said in a statement that they’ve been waiting for the right time to proceed with an office project on the site.
JLL’s research shows a tightening Legacy submarket, with a current vacancy rate of about 10.7 percent.
A number of other developments are under way in the area, including Legacy Towers, the first phase of which will total 341,000 square feet. That project is being developed by Trammell Crow Co.