Class A Office Tower Adds to Firm’s Recent $1 Billion of Office Acquisitions
Investment Advances Firm Strategy to Invest in Top Tier Properties in High Performing Submarkets Across the U.S.
Shorenstein Investment Advisers (“Shorenstein” or the “Company”), an owner and operator of high-quality office, residential, and mixed-use properties across the U.S., today announced the acquisition of Sterling Plaza (the “Property”), a 320,000 square-foot Class A office building in Dallas, Texas.
Sterling Plaza is a 19-story, Class A office tower located in Preston Center, a top performing office submarket within a walkable, mixed-use neighborhood surrounded by executive housing in the Park Cities and Preston Hollow. The Property is currently 89% leased and was recently renovated to deliver a range of modern amenities, including a state-of-the-art conference center, full-service fitness facility with showers and lockers, and a luxury tenant lounge.
Shorenstein plans to build on this momentum by further enhancing the lobby, entryway, café, and outdoor communal areas, with a focus on creating a modern, hospitality-inspired experience. As a vertically integrated investor, Shorenstein’s repositioning strategies extend beyond the physical real estate, elevating the tenant experience through high-touch services and curated programming, which it intends to implement at Sterling Plaza.
Preston Center is one of the strongest performing submarkets in the country with an availability rate of 4.3% that is expected to trend lower following an owner-user’s recent acquisition of a large office property that will displace tenants in the submarket. The lack of available space, coupled with strong tenant demand, is expected to drive significant rent growth in the submarket.
“Despite national office vacancy rates at historic highs, there are ‘pockets of strength’ in many markets across the country that we’ve invested in – where demand is at or above pre-pandemic levels, availability rates are healthy, and rents are rising fast. The fundamentals in Preston Center are among the strongest we’ve seen nationally, and Shorenstein is excited to capitalize on the momentum,” said Colby Wick, Managing Director at Shorenstein.
This acquisition marks Shorenstein’s second recent investment in the Dallas market, following its 2024 acquisition of International Plaza II in the Lower Tollway. The Lower Tollway is another example of a submarket outperforming the broader market with rents increasing over 25% since Shorenstein acquired the property last year. The Company has been an active buyer of top tier office assets over the past year, with over $1 billion in closed transactions and several additional acquisitions under contract. The Sterling Plaza investment underscores Shorenstein’s continued conviction in select, high-performing submarkets across the country where tenant demand and long-term fundamentals remain strong.
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