A 10-story office building in Far North Dallas, Preston Plaza, is set to be auctioned with starting bids at $2.25 million, which equates to about $8.65 per square foot. The property, located at 17950 Preston Road and measuring 260,000 square feet, will be available for bidding from November 10 to 12.
Cushman & Wakefield is managing the sale of the building, which is currently only 35 percent leased. The site covers a 6.3-acre parcel and includes a structured parking garage. Brokers are promoting it as an opportunity for redevelopment or repositioning due to its low occupancy.
According to Cushman’s listing, the property has “strategic in-place zoning to minimize entitlement risk,” making it suitable for potential conversion into multifamily housing, hotel space, or retail uses.
Matt Murphy, Director at Cushman & Wakefield, said that the building gives investors a chance to “lease up the property at a reset basis” in an area where similar buildings have around 90 percent occupancy rates. He also noted that Senate Bill 840, which became law on September 1 across Texas, may make residential conversions easier.
The office tower was built in the late 1980s and renovated in 2015. Current tenants include Republic Title, Veritex Bank and Texas Health Surgery Center.
Financial difficulties have affected Preston Plaza recently. After entering receivership in 2024, it was acquired by an entity linked to K-Star Asset Management during a foreclosure auction for $13.85 million this April. The Collin County Appraisal District last valued the property at $35 million for tax purposes.
While Uptown Dallas continues to attract new development and absorb tenants—accounting for most of the city’s construction pipeline—older suburban properties like Preston Plaza face challenges with high vacancies and changing tenant demands.
