Bidding for Preston Plaza will take place Nov. 10–12, starting at $2.25 million
A once-bustling Far North Dallas office tower that symbolized growth in one of the region’s most desirable business corridors is now searching for a second act.
Preston Plaza, a 10-story, nearly 260,000-square-foot office building at 17950 Preston Road (intersection of Preston and Frankford), is set to hit the auction block next month, offering investors a rare opportunity to reimagine a prime piece of Collin County real estate.
A Landmark In Transition
Bidding for the property will take place Nov. 10–12, starting at $2.25 million. Cushman & Wakefield is advising the sale. The 6.3-acre parcel comes with flexible zoning and an existing parking garage that could accommodate a range of future uses, from multifamily housing to retail or hotel space.
Though the building remains partially occupied — current tenants include Texas Health Surgery Center, Republic Title and Veritex Bank — it’s just over 30% leased. Built in the late 1980s and last renovated in 2015, the property reflects the broader challenges facing aging suburban office spaces as remote work and shifting demand reshape commercial real estate.
Photo: Cushman & Wakefield
From Foreclosure To Fresh Potential
According to The Dallas Morning News, the tower’s path to auction follows its April foreclosure sale, when it was acquired for $13.85 million by JPMBD 2017 C7 17950 Preston Road LLC, an entity linked to K-Star Asset Management. The Collin County Central Appraisal District most recently valued the property at $35 million for tax purposes, though market values often run higher.
A Prime Site With Possibilities
Despite its recent struggles, Preston Plaza still holds appeal. The site sits within one of Far North Dallas’ most coveted corridors, where access to major highways, affluent neighborhoods and nearby corporate campuses offers long-term promise.
“The Dallas–Fort Worth office market continues to stand out as one of the most resilient and dynamic in the US, supported by strong corporate relocations, steady rent growth and unmatched regional connectivity,” Cushman & Wakefield said in the advertisement. “While vacancy remains elevated, flight-to-quality and sustained demand for modern space highlight DFW’s position as a long-term growth market.”
With its size, location and adaptable zoning, the property could find new life as a mixed-use destination, signaling the next chapter for a high-profile address that once embodied the area’s boom.
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