ICONIC HIGHLAND PARK OFFICE BUILDING GETS MULTIMILLION RENOVATIONS
Improvements to the 77k SF 5500 Preston Includes Interior, Plaza, and Atrium.
DALLAS, Texas (Oct. 10, 2023) – A multimillion-dollar renovation has started at the fully leased 77,437-square-foot 5500 Preston Road office building in Highland Park. On tap for the project are exterior and site improvements, as well as interior renovations to the lobby, elevator interiors, restrooms, atrium and common corridors.
“We are upgrading the building’s classic interiors with a more modern aesthetic,” said ownership representative, L&B Realty Advisors Vice President Portfolio Management Corinne Hoffman. “The goal is to make it more enjoyable for our tenants and their clients as this is a highly sought-after location in the center of Dallas’ wealthiest enclave.”
Built in 1987, the boutique building has been owned by an L&B advisory client since 1989. The building has been 100% leased for more than 11 years, catering largely to wealth management, family office, and banking tenants. Renovations begin this month and are targeted for January 2024 completion, said Younger Partners Managing Principal Sean Dalton, who leads the leasing efforts for the three-story building.
“This building is in a heavily coveted location at Main and Main in Highland Park,” Dalton said. “The building has a unique classic architecture with a lot of character; similar to the oldest shopping center in America, Highland Park Village, which is just across the street. The building showcases a three-story atrium, and the entire backside of the building features Dallas Country Club golf course views, which are hard to beat.”
Gensler leads the interior design efforts as well as the exterior design renovations, in collaboration with Garrison Jones Landscape Design.
“The updates at 5500 Preston are aimed at creating a dynamic and welcoming tenant and visitor experience,” Hoffman said. “The building exterior and site improvements include entrance and plaza revitalization featuring new landscaped planters, seating areas and an outdoor pergola to offer shaded comfort. Surface parking areas will be refinished with new illuminated bollards to enhance safety and convenience.”
The interior renovation is designed to enhance the building’s classic interiors with new finishes and lighting to bring the space a warm and inviting quality. Restrooms will be updated while the elevator renovations include new decorative glass features. Building security will also be upgraded, Hoffman said.
“These building improvements will only enhance an already incredible tenant experience,” Dalton said. “5500 Preston seldom has available space as existing tenants tend to absorb space as it opens up. Ownership is creating a one-of-a-kind tenant experience at this highly desirable location for building occupants and their guests.”
About Younger Partners
Dallas-based Younger Partners is a full-service commercial real estate firm providing investment, leasing, and management services to investors and tenants in the Dallas/Fort Worth region. They also specialize in the acquisition and disposition of land, multifamily, office, industrial, and retail properties. Younger Partners Investments (YPI) is a Younger Partner’s platform designed to acquire retail properties. Launched in July 2020, YPI targets retail properties from lifestyle to neighborhood centers throughout the DFW area. Younger Partners and YPI are also affiliated with the newly formed Apricus Realty Capital. For more information, please visit www.youngerpartners.com.
L&B Realty Advisors
Founded in 1965, L&B Realty Advisors (L&B) is a U.S. real estate investment firm that provides institutional investors with investment management solutions through innovative separate accounts and niche strategy funds. L&B has earned a track record of successfully acquiring, operating, developing and selling institutional quality office, retail, industrial and multifamily property on behalf of our clients. L&B manages a national portfolio of approximately 25 million square feet valued at $9.9 billion. For more information visit www.lbrealty.com.