Monday, May 08, 2017

Granite Properties snaps up Preston Center tower in Dallas, plans major investment

Granite Properties, a Plano-based real estate investment firm, snapped up a 13-story office building in the Preston Center neighborhood.

The 163,861-square-foot Class A office building at 8235 Douglas Ave. in Dallas will be rebranded, The Douglas, as part of the recently closed acquisition.
This was a big move for the 25-year-old company, which invests in real estate throughout the United States, said Greg Fuller, president and COO of Granite Properties.

"In Dallas and across the country, Granite has a reputation for investing in prime office spaces our customers can be proud to call home," Fuller said, in a statement.

"We're really pleased to establish Granite's brand in the Preston Center area and look forward to serving our new customers," he added.

The 37-year-old office tower underwent $3 million worth of interior renovations in 2015, which included cosmetic upgrades to the restrooms, lobbies, elevator and common area windows.

The building also received an additional $1.5 million in system upgrades that included elevators, cooling tower and roof.

With the acquisition, Granite Properties plans to continue the evolution of the upgrades to bring in a customer lounge and conference center, which has been dubbed, 'The Vault.'

The Vault will have a grab-and-go food service, coffee bar, and a putting green and golf simulator. The planned upgrades also include the addition of an outdoor seating area.

The details behind the makeover were not immediately available late Monday.
Paul Bennett and Carson Dennis represented Granite Properties in the deal. Jonathan Napper and Michael McDonald of Eastdil Secured represented the seller, Transwestern Investment Group.

Preston Center is one of Dallas' most sought-after neighborhoods because of its walkable amenities and services. Landlords typically get high-dollar rents nearing $40 per square foot for Class A office buildings.

Other buildings in Uptown — another one of the city's premium submarkets — sold at high watermarks of more than $500 per square foot as landlords look to cash in on the corporate magnets.

Candace Carlisle/Dallas Business Journal.