A 10-story office building in Far North Dallas, Preston Plaza, is set to be auctioned from November 10 to 12 with opening bids starting at $2.25 million, which equates to $8.65 per square foot, according to the Dallas Morning News. The property, located at 17950 Preston Road and totaling 260,000 square feet, is currently about 35 percent leased.
Cushman & Wakefield is overseeing the sale of the property. The site covers 6.3 acres and includes a structured parking garage. Brokers are promoting it as an opportunity for redevelopment or repositioning of an underperforming office asset.
According to Cushman’s listing, the property benefits from “strategic in-place zoning to minimize entitlement risk,” making it suitable for potential conversion into multifamily housing, hotel, or retail uses.
Matt Murphy, director at Cushman & Wakefield, said: “The building presents a chance for investors to ‘lease up the property at a reset basis’ in a corridor with tight supply and strong fundamentals.” He also noted that similar buildings nearby are approximately 90 percent leased and that Senate Bill 840 — effective since September 1 across Texas — could help streamline residential conversions.
Preston Plaza was built in the late 1980s and renovated in 2015. Current tenants include Republic Title, Veritex Bank and Texas Health Surgery Center.
The building has experienced financial difficulties recently. It entered receivership in 2024 before being acquired by an entity linked to K-Star Asset Management at a foreclosure auction for $13.85 million this April. For tax purposes, the Collin County Appraisal District most recently valued the property at $35 million.
While Uptown Dallas continues to attract tenants and new development projects—absorbing nearly three-quarters of the area’s ongoing construction pipeline—older suburban properties like Preston Plaza face challenges due to high vacancies and changing tenant demands.
