Granite Properties has landed a property near Preston Center. The real estate firm acquired 8235 Douglas, a 163,861-square-foot office building on Douglas Avenue between Luther and Sherry lanes. The new owners will rebrand the 13-story-building as The Douglas, after purchasing it from the Transwestern Investment Group for an undisclosed price.
“We’re really pleased to establish Granite’s brand in the Preston Center area, and look forward to serving our new customers there,” Greg Fuller, Granite Properties’ president and COO, said in a statement.
It also intends to update the office tower. Plans are to add a customer lounge, conference center, and an outdoor seating area. The conference center—to be known as The Vault—will include a coffee bar, grab-and-go food service, a putting green, and a golf simulator. The updates are currently in the planning stages.
The 37-year-old tower most recently underwent renovations in 2015, with a $3 million price tag to update the windows, lobby, restrooms, and elevator in the common area. Another $1.5 million was spent on the garage canopy, elevators, fire panel, cooling tower, and roof. Per the previous owner’s website, the building holds a 3.15/1000 parking ratio.
The seller was represented by Jonathan Napper and Michael McDonald of Eastdil Secured. Paul Bennett and Carson Dennis represented Granite Properties in the transaction.