The Terraces in Preston Center Buy Aligns with City Office’s Strategic Focus

City Office REIT Inc. recently acquired The Terraces, an office building in the Preston Center submarket for a gross purchase price of $133.5 million, exclusive of closing costs. The 173,000-square-foot LEED Gold property is the newest office building in this location.

The building was delivered in 2017 with a full suite of amenities. Its tiered building structure creates multiple outdoor terraces for exclusive tenant use. The Terraces is 99 percent leased to a diverse tenant base, with a weighted average lease term remaining of approximately eight years.

“Expanding in Dallas’ strongest and highest barrier to entry markets has been a priority,” says James Farrar, City Office REIT’s chief executive officer. “The acquisition of The Terraces in Preston Center aligns with our focus on acquiring superior properties with long-term cashflow in the most desirable submarkets. The amenity package, high-end tenant suites and prime location make The Terraces one of Dallas’ top office properties. The fully leased building provides cashflow stability with future growth in the center of one of Texas’ wealthiest neighborhoods.”