Compass Real Estate Dallas Building Texas Headquarters in Preston Center

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When I interviewed Robert Reffkin in January about his company’s move into Dallas, I asked about overhead and office space. Was Compass going to have major office presence in Dallas, or would they keep on using the Oak Lawn office of The Collective, the firm they (sort of) acquired?

We will have offices here:  big, beautiful offices, Reffkin told me.

True to his word, Dallas Compass has signed a large lease in a new, state-of-the-art Preston Center Office building. The location is very strategic, as it puts Compass on the front line in the war for juicy Park Cities/Preston Hollow listings.

Compass has rented 24,000 square feet in the new Terraces at Douglas Center, located at 5960 Berkshire Lane in Preston Center. The building has 172,000 square feet and was recently completed.

The firm has been active since landing in Dallas in January, and already has more than 80 sales agents, with plans to acquire more across the DFW area.

“Our momentum in Dallas is a testament to agents’ commitment to growing their business, providing their clients with best-in-class service,” Rob Lehman, chief growth officer at Compass, said in a statement. “We’re excited to build out this office space to serve our agents and their clients across the region.” 

The New York City-based company is in more than a dozen cities across the U.S. and plans to expand to eight more this year. By 2020, Compass wants to own 20% of the U.S. residential real estate market.

Compass is one of the first major tenants in the 12-story office Terraces at Douglas Center,  located near the southeast corner of the Dallas North Tollway and Northwest Highway. The 172,000 square-foot office building was developed by PegasusAblon (owned by Michael Ablon) and Lionstone Investments of Houston.

Preston Center is a smoking hot office market, despite the roadblock eyesore of the parking garage on the west side of Preston. Just go west of Douglas and the hotness factor increases, as do rents: buildings here fetch more than $34 per square foot and vacancy rates are below 10 percent. 


      “Preston Center is the city’s most sought-after submarket,” Dan Dubrowski, Founding Partner at Lionstone Investments, said in a statement.

“Preston Center is one of the hottest submarkets. Occupancy rates are high in every tower, and there’s not a lot of land left to build on,” said Jennifer Smart, PegasusAblon marketing communications director. “The time seemed right.”

I reached out to the Compass PR team in NYC for more info on this new office space:
 
“We will be taking the full 7th floor – 24,000 square feet,” said Grace Hamilton, senior communications associate. “This will be our Dallas, and in fact all of Texas, “hub” office for agents and employees. It’s brand new construction that we’re building from the ground up, and will feature lots of collaborative space, phone rooms, and other features to make sure it’s an awesome place to work.”
 
Will they have a roomful of engineers developing real estate apps 24/7, as they do in New York City? No word, yet.
 
“Compass is committed to serving clients across the Dallas market and their beautiful plans for our Dallas HQ is a testament to that commitment. We’re thrilled to be a part of this forward-thinking company growing in market share and better serving Dallas home buyers and sellers.” said Amy Detwiler and Michelle Wood — yep, both at Compass now– , founding partners and agents at Compass Dallas, in a statement.
 
 
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Candy Evans

A real estate muckraker, Candy Evans is one of the nation’s leading real estate reporters. She is also the North Texas real estate editor for Forbes.com, CultureMap Dallas, Modern Luxury Dallas, & the Katy Trail Weekly. Candy has written for Joel Kotkin’s The New Geography, Inman Real Estate News, plus a host of national sites. Constantly breaking celebrity real estate news, she scooped former president George W. Bush's Dallas home in 2008. She is the founder and publisher of her signature CandysDirt.com, and SecondShelters.com, devoted to the vacation home market. Her verticals have won many awards, including Best Blog by the venerable National Association of Real Estate Editors, one of the nation’s oldest and most prestigious journalism associations. Candy holds an active Texas real estate license but does not sell. She is on the Board of Directors of Braemar Hotels & Resorts (BHR).

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