Dallas, Texas, December 4, 2025
New York-based AZ Family Partners has acquired Preston Plaza, a 10-story office tower in Dallas, Texas. Despite competitive bidding, they secured the asset to maintain it as office space. With plans to invest approximately $14 million in improvements, the company aims to enhance its appeal, supporting the strong Dallas-Fort Worth office market. Notably, this acquisition marks one of the firm’s first ventures in the area, with a history linked to the legendary New York developer William Zeckendorf Sr.
Dallas, Texas
New York real estate firm AZ Family Partners has acquired Preston Plaza, a 10-story office tower in Far North Dallas, with plans to maintain its use as office space.
The acquisition, finalized in early December 2025, follows a competitive auction held from November 10 to 12, where AZ Family Partners emerged as the winning bidder. The property’s most recent tax valuation was $35 million, though the exact purchase price has not been disclosed. The transaction is expected to close within two weeks of the auction.
Preston Plaza, located at 17950 Preston Road, encompasses a 6.3-acre site and offers nearly 260,000 square feet of office space. Despite its size, the building is currently 35% leased, with tenants including Republic Title, Veritex Bank, and Texas Health Surgery Center.
AZ Family Partners, led by Arthur Zeckendorf, has decided against redeveloping the site for residential use, opting instead to invest approximately $14 million in improvements to enhance the property’s appeal as a boutique office building. Planned upgrades include the addition of amenities such as a health club and a coffee shop, as well as landscaping enhancements to create a more park-like environment.
This acquisition marks one of Zeckendorf’s initial investments in the Dallas-Fort Worth area. His grandfather, William Zeckendorf Sr., was a prominent New York developer known for his significant contributions to the city’s skyline, including the development of the Chrysler Building.
The decision to maintain Preston Plaza as an office property aligns with the current strength of the Dallas-Fort Worth office market, which has demonstrated resilience and growth in recent years.
Key Features of the Acquisition
| Feature | Details |
|---|---|
| Acquiring Firm | AZ Family Partners, led by Arthur Zeckendorf |
| Property | Preston Plaza, a 10-story office tower at 17950 Preston Road, Dallas, Texas |
| Purchase Price | Not disclosed; tax valuation at $35 million |
| Occupancy | 35% leased; tenants include Republic Title, Veritex Bank, and Texas Health Surgery Center |
| Improvement Plans | Approximately $14 million investment; amenities to include health club and coffee shop |
| Historical Significance | Arthur Zeckendorf’s grandfather, William Zeckendorf Sr., developed the Chrysler Building in New York |
| Market Context | Decision to maintain as office space aligns with the strong Dallas-Fort Worth office market |
Conclusion
This recent acquisition by AZ Family Partners highlights their commitment to enhancing the Dallas economy and embracing the region’s growth potential. By investing in office spaces like Preston Plaza, they are poised to attract businesses that appreciate the advantages of operating in a city with a vibrant economic climate. The planned upgrades reflect a proactive approach to meet the demands of modern businesses, fostering an inviting atmosphere where companies can thrive. As Dallas continues to grow and innovate, investments in commercial spaces will play a crucial role in shaping the future of the local economy.
As members of the Dallas community, let us support initiatives that greatly contribute to the robustness of the local economic landscape. Engaging with and investing in local businesses not only stimulates growth but strengthens our community as a whole.
AZ Family Partners, a New York real estate firm led by Arthur Zeckendorf, acquired Preston Plaza.
What are the plans for Preston Plaza?
The firm plans to invest approximately $14 million in improvements to enhance the property as a boutique office building, including adding amenities like a health club and a coffee shop.
What is the current occupancy of Preston Plaza?
The building is currently 35% leased, with tenants including Republic Title, Veritex Bank, and Texas Health Surgery Center.
What is the historical significance of the Zeckendorf family in real estate?
Arthur Zeckendorf’s grandfather, William Zeckendorf Sr., was a prominent New York developer known for his significant contributions to the city’s skyline, including the development of the Chrysler Building.
Why is the decision made to keep Preston Plaza as an office property?
The decision aligns with the current strength of the Dallas-Fort Worth office market, which has demonstrated resilience and growth in recent years.
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Author: STAFF HERE DALLAS WRITER
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