Preston Center, one of the tightest submarkets in North Texas,will soon have additional inventory to help meet demand. Houston-based Lionstone Investments is teaming up with longtime partner PegasusAblon to build a new 12-story office tower on Berkshire Lane between Douglas Avenue and the Dallas North Tollway.
Designed by Dallas-based HKS Inc., the 171,583-square-foot project will be built to LEED Silver certification. It’s being branded as the Terraces at Douglas Center, in reference to its upper-floor balconies.
Lionstone and PegasusAblon also own two adjacent office properties, 8333 Douglas and 8343 Douglas. Going forward the three-building complex will be known as Douglas Center.
Dan Dabrowski, founding partner of Lionstone, said the new tower will appeal to “established and young, creative firm” seeking a walkable urban experience. “The Terraces at Douglas Center will add some of the highest quality, amenity-rich space in the submarket,” he said.
The new tower is expected to be ready for occupancy in the first quarter of 2017.