Looking at it, it looks like a normal practice at the Star in Frisco for the Cowboys. But today, players had more than pads and helmets weighing on them.

This was their first practice since the death of teammate Marshawn Kneeland. For some players, this is a form of therapy.

“Having dealt with a loss, and that is the best medicine for me,” Cowboys quarterback Dak Prescott said. “So getting back out there, handing the ball off, and sprinting an extra 10 yards and making sure I’m doing it hard. Marshawn went through my mind a few times in practice today, and I just counted that with running harder after a play or trying to do something to better this team and to show that.”

This is the first time some are speaking publicly about what Kneeland meant to them and the team.

“Someone who didn’t take each day for granted, and to have that spirit and that just person missing in your room is devastating,” Cowboys defensive tackle Solomon Thomas said.

Prescott added, “His saying was one love, and I think you just felt that. You felt that aura, you felt that demeanor, you felt him carry that, and that’s everything that he did, the way he played this game, the way he took care of his body.”

Now, as they prepare for their next game, they know it will be emotionally…but they are taking the memory of Kneeland out there with them to honor him the best way they know how.

“The only way I know how to get out of it, to move forward from a tragic situation like this, is to live for that person,” Thomas said. “Take the amazing qualities that you learned from them, take the smiles and memories that you gave from them, and apply them to your life every day.”

“He’ll be missed, definitely not forgotten, and we’re going to move forward,” Prescott said. “We’re going to move forward to carry on his legacy, and just everything that we can do, just try and do it the best we can.”

The Preston Plaza office building at 17950 Preston Road is a 10-story office building of nearly 260,000 square feet built in 1985 with strange triangle floor plates. This building has the same chance of making a comeback as parachute pants, which were also all the rage in 1985.

“The building always struggled for occupancy,” former Dallas Council Member Sandy Greyson told me.

Preston Plaza is on the tax rolls for the moment for $35 million. It creates almost a quarter million dollars of taxable income for the city annually. In my estimation, the entire value of the property is the land, 6.3 acres, and, most important, a parking garage of more than 1,000 spaces.

The tax revenue won’t last in its current situation: the building and the tax base are in decline. Preston Plaza is a microcosm of what is happening all over North Dallas.

This is, however, good real estate. Everyone knows the intersection of Preston and Frankford roads. Dallas must make the most of its good sites. Unfortunately, the office building and the demolition cost hurt the value. The biggest challenge for redevelopment is how long it will take to get the leased tenants out of the building or how expensive it would be to buy them out.

I visited recently to see how dire the situation had become. It was so quiet it makes downtown on a Friday afternoon look busy. You could shoot a zombie movie in it. That said, it’s well cared for and clean; it’s just functionally obsolete.

Occupancy in the building is down to 35%. When you get to this level, it doesn’t support improvements. It’s not shocking that it went back to the lender and went to auction this week.

Nick Kelley, a tenant in the building with Dallas Petroleum Group, speculated that the previous owner paid too much for the building. He hoped the next owner would be an office operator, but he was dubious. “I hope the building finds a good buyer who gives it some love.” A lovely wrecking ball most likely. I called the building’s broker for comment but did not receive a response.

Kelley also observed, “I thought it was a little silly that ownership was putting money into the garage.” Not silly at all. The owner was protecting the part of the property that has value and matters. That’s where things are for North Dallas offices.

Aging office space

Preston Plaza is not alone. Far North Dallas has too many office buildings. These were built during the heyday of North Dallas being the engine that drove the city. I talked to real estate professionals who all agreed that the office market has moved. Tenants either want to be in Preston Center or farther north into Plano or Frisco. There is a giant surplus of aging office space in Far North Dallas.

Greyson, who served eight terms as the council member for District 12 from 1997 to 2005 and from 2011 to 2019, said she’s not surprised at the building’s fate. When the building opened, she was a neighborhood activist who warned there were too many offices being built and believed there would be a glut. Turns out she was right. “Now we have a lot of empty buildings,” she told me.

I also warned there would be an office reckoning. It has taken longer than I thought, with building owners desperately struggling to hang on. Finally, it looks like the office pruning has started, and it is being aided by Senate Bill 840. No longer do you have to worry about the underlying zoning and local politics. You can just get ‘er done. This is why I believe the path of redevelopment of the site is apartments.

“You must have a reset of the basis of the value for it to make sense to redevelop these assets,” Zach Sams, executive vice president with Kensington Vanguard, told me. “We will see more buildings going back to lenders. The good news is that it gives the property a chance to respond to the market with something forward thinking.”

The zoning for the site is General Office, or GO. In my office, our joke is, “G-O is a no go.” Simply put, it’s terrible zoning because it allows only office. Good news, the new state law allows multifamily to be developed on commercially zoned properties like this without a zoning change. In this case, it means a developer could build a tower of up to 270 feet. The new state rules do not set a maximum for developed floor area.

“This site could get really dense,” said Kevin Wallace, principal at Vision+Architecture. “It’s already walkable and connected to retail sites in the area. It has far better walkability than most conversion or demolition projects I’ve examined.”

Wallace envisions one midrise building and the rest being wood-frame construction with 650 apartments.

It’s a bit of an irony that people do not want to office here, but that the same location is good for apartments. Wallace points out that the site is ideal for commuters.

“The Dallas North Tollway is Main Street North Texas,” Wallace observed. “One person might work up near the Galleria or in Frisco and the spouse in Preston Center.” The site is also close to the Bush Turnpike.

Things have really changed: North Dallas used to be a destination — now it’s where you leave from.

From local to state politics

Without the new state legislation, this project would have no chance to redevelop as multifamily. I had pitched the idea of saving the parking garage and building apartments to current City Council member Cara Mendelsohn late last year.

She is one of the few council members with a conservative orientation. I admire her concerns about fiscal responsibility, crime and homelessness. I’m less fond of her focus on not expanding the amount of multi-family in her district; however, I believe she represents the wishes of her constituents.

When I asked her about repositioning the asset to multi-family, she killed it immediately. I appreciated she didn’t drag out the process — something that happens all too often in Dallas. This project died on its second day.

My client was a prominent local developer who liked the site and the value associated with the garage (full disclosure: I am no longer in business with this client). Mendelsohn was having none of it. Greyson and Mendelsohn don’t agree on much, but they’ve been aligned to ensure zoning changes will not allow more apartments. It’s what Far North Dallas voters want. “I know neighbors don’t want more multifamily,” Greyson told me.

Greyson bemoaned the loss of local control. “Senate Bill 840 took the ground out from under us,” she said. “The Legislature took away our voice. Cities know best what their folks need.” The state, however, wants more residents, density and tax base, and local politics have stymied growth.

One of the things that people fail to realize is that Far North Dallas has a lot of apartments. I’m often frustrated when my firm works on zoning cases in South Dallas, and I hear that all the subsidized projects are in the North. Mendelsohn has reminded me on multiple occasions her district has the most of these units.

There is no chance this property would redevelop without SB 840. It would have languished on the market with a declining value. Now, the site gets a chance to participate in the free market. The market seems to want more apartments in the north. Dallas needs more density — not less — and more activity.

Good morning and welcome to First Trade. I’ll be hosting a discussion later today about the escalating debate around an AI bubble. First Trade contributor Will Edwards and I will break down both sides, and how to invest, depending on where you come out. Check out the livestream today at 2 p.m. ET.

Rundown

But first, a look at Japan’s tech cowboys.

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Market musings

SoftBank’s hail mary

Picture a team that, no matter what they do, commands all of the attention and ink of a captive media. They make splashy trades, blockbuster acquisitions, and have no problem cutting ties with outperformers in pursuit of greater dominance. They may not win all the time, but they’re always at the center of discussion.

No, I’m not talking about the Dallas Cowboys, although they certainly fit the bill.

I’m instead referring to the Japanese investing conglomerate SoftBank, which made typically large waves on Tuesday when it sold its entire stake in Nvidia.

The messaging on the company’s ensuing earnings call ended up boiling down to: “Don’t worry, we have a plan.” That will probably sound familiar to Cowboys fans used to owner Jerry Jones’ unapologetic approach to transactions. He is the unquestionable driving force behind all decisions, just like founder Masayoshi Son is for SoftBank.

SoftBank’s plan? To use the proceeds from the sale to continue investing heavily in OpenAI, as well as chip designer Ampere Computing, which it acquired in March.

The overarching message, at least as it relates to Ampere? We don’t need the pricey incumbent. We’ll develop our own, younger, less expensive version over time, and hopefully achieve the same result in the long run. (I can again hear all the Cowboys fans nodding knowingly.)

Of course, no comparison to the Cowboys can be complete without a discussion of actual performance.

The unequivocal high for SoftBank was its $20 million Alibaba investment, made in 2000. It paid off huge, blossoming into a $60 billion stake by 2014, a roughly 3,000-times return. The Cowboys also reached the peak of the pro football mountain in the 90s, winning the Super Bowl three times between 1992 and 1995.

But since their respective peaks, both parties lumbered along for years, unable to recapture their past greatness. Save for a COVID-era boom in 2020 and 2021, SoftBank stock has posted steady, if unremarkable gains. Its first Vision Fund ended up losing tens of billions, featuring underperforming investments like WeWork, OYO, and a $500 million robot-pizza startup called Zume.

The Cowboys had a similarly disappointing existence over the same period. They had some solid teams, but no true title contenders.

In 2025, however, SoftBank has been doing its best to buck the trend. Until a recent valuation-driven sell-off that rocked all AI- and tech-focused stocks, shares were up 195% year-to-date. It accomplished that largely by embracing the AI theme, which is what makes its offloading of Nvidia — the most successful AI stock — so risky.

It’s like the Cowboys starting a season 15-0, then trading their star player. There may be a method to the aggressive madness, and only time will tell which side of history they land on.

Ultimately, regardless of what happens, it’ll be entertaining and unique. Those qualities will always be baked into the SoftBank experience, for better or worse.

On the move

CoreWeave — a former darling that saw its stock run up as much as 359% after IPOing in March — has had a particularly tough couple of weeks in the market.

It first fell 25% in a matter of days, hit by a mass sell-off aimed at any AI-linked tech names with valuations viewed as overextended. But the most drastic blow came on Tuesday, when the company fell 16% after cutting its revenue forecast, citing the delay of a key data center.

Such is life for a high-flying AI stock these days. Investors seem to be punishing companies for lofty valuations first, and asking questions later. And when there’s an actual fundamental reason to sell, game over.

BI market mix

Culture confidential

Business Insider’s Will Edwards spotlights a hot trend dominating Wall Street and the finance industry.

Wall Street’s ubiquitous vests can elicit scoffs from those outside the finance world, but they are beloved within the ranks. But there’s one fashion accessory that divides opinions even within the industry: banker bags.

They’re standard, blue, cylindrical gym duffels that are customized with a firm’s branding. Banks give them out to their employees when they first start. What’s there to dislike?

A lot of it boils down to rank. More tenured bankers stick their nose up at the bags because they’ve become the unofficial signifier that one is an early-career analyst who hasn’t earned their stripes, yet is eager to show off where they work.

“If you’re fresh out of college and it’s like your first finance job, that’s fine. But if you’re over the age of 25 and you’re still rocking that thing, I don’t know,” one New York City influencer said in a video last year. “I think people think they’re a status symbol, but they’re just giving cringe.”

Or, as one of my banker friends put it: “They’re more akin to a five-year-old getting a cap when he joins his first tee-ball team than a high school senior getting a letterman jacket.”

Underneath all of the teasing, however, seems to be an appreciation for the Wall Street staple. Finance meme account Litquidity sells its own branded version of the bag. There’s also a cottage industry on eBay of people selling the bags secondhand.

Lisa McCullagh, the founder of bagmaker Scarborough and Tweed — whose first financial clients were JPMorgan and Goldman Sachs — told BI that the conversation around the bags is flattering, even if it sometimes takes a critical tone.

“They poke fun at themselves, but they do love it,” McCullagh, who gets orders for thousands of bags a year, said. “It’s like this little rite of passage into the community.”

After all, the bags are quite useful for people who often find themselves working long hours at the office. One banker told me that you typically put gym clothes into them, as well as a change of clothes for the evening hours when you want to wear a more comfortable outfit. Plus, they don’t wrinkle your clothes like putting them in a backpack would.

So, what do you guys think? I, for one, think they look pretty cool. I mean, the classic color schemes, the step and repeat branding on the handles — they’re timeless.

Joe, can we get some custom-made First Trade bags?

— Will Edwards

The First Trade team: Joe Ciolli, executive editor and anchor, in Chicago. Akin Oyedele, deputy editor, in New York. William Edwards, senior reporter, in New York. Steve Russolillo, chief news editor, in New York. Huileng Tan, senior reporter, in Singapore.