Shorenstein Acquires Fully Leased Plano Office Campus

Momentum Shifts Toward Renovated Office

Dallas-Fort Worth has seen its office market recalibrate over the past two years, with capital gravitating to institutional-quality, renovated campuses in supply-constrained submarkets. According to Commercial Property Executive, investors like Shorenstein are increasingly targeting assets with strong tenant retention and rent growth prospects, particularly in locations benefitting from corporate migration and demographic tailwinds. As many aging suburban offices grapple with lingering vacancies and delayed capex, campuses like The Tennyson—which underwent a major renovation in 2024—stand out for their stabilized occupancy and upgraded amenities. This buy aligns with a pattern of institutional capital selectively re-entering Sun Belt office submarkets that show resilience to broader sector headwinds.

The Details

Shorenstein purchased The Tennyson, a 273,574-SF, two-building office campus at 6105 Tennyson Parkway in Plano’s Legacy Business Park, from Spear Street Capital. The sale price was not disclosed. Completed in 2012, the property underwent a substantial capital improvement program in 2024, which included modernizing the lobby, fitness center, tenant lounge, and conference spaces. The campus is currently 100% leased, with a weighted average lease term of approximately 6.6 years. The deal was brokered by Newmark, which arranged both the sale and acquisition financing. The property boasts immediate access to the Dallas North Tollway and walkability to high-profile retail and amenities at Legacy West and The Shops at Legacy.

Investment Activity Returns to Core DFW Locations

Shorenstein’s acquisition builds on a wider resurgence of investor interest in high-quality, well-located Dallas-Fort Worth offices. The firm’s July 2025 purchase of Sterling Plaza in Preston Center marked another recent foray into top-tier DFW submarkets. Newmark’s involvement—both in the sale and financing arrangement—signals continued lender and intermediary confidence in stabilized, amenitized Sun Belt offices. With population and job growth significantly outpacing national averages, Plano’s Legacy submarket has become a beacon for investors seeking yield and tenant demand insulated from the volatility affecting urban core office assets in other US metros. According to CBRE, Dallas-Fort Worth led all US markets in office leasing volume in 2025, underscoring underlying tenant appetite for modern space in suburban nodes.

Why It Matters

The Tennyson deal signals confidence in Dallas-Fort Worth’s top office submarkets. Institutional buyers favor quality assets, strong locations, and stable tenants over distressed deals. Shorenstein bought a fully leased campus with a 6.6-year WALT. The firm also plans upgrades that improve the tenant experience. It is betting on Plano’s population growth and steady corporate migration. Plano has also benefited from major corporate relocations that continue to deepen its office demand base. CBRE reported that DFW absorption outpaced new supply in leading suburban markets in 2025.

Shorenstein Vice President Emily Chou called the deal part of a strategy targeting submarkets with rent growth potential. The firm’s 2025 Sterling Plaza purchase supports that approach. It also reflects confidence in select Sun Belt markets. Suburban offices with recent upgrades, lifestyle amenities, and diverse tenants still attract premium capital. Meanwhile, brokers and lenders can structure complex deals despite broader office volatility.

What’s Next

Shorenstein will now focus on tenant retention and rent growth at The Tennyson. Investors will watch whether other institutions pursue upgraded office campuses in DFW’s top submarkets. Capital should remain selective. However, Plano’s population gains and business-friendly climate could support an office recovery through 2027. Shorenstein may also pursue more acquisitions across Dallas-Fort Worth as it expands its Sun Belt strategy.