- Shorenstein Investment Advisers purchased the 300,000-square-foot Sherry Lane Place office tower in Dallas’s Preston Center submarket, its fourth DFW acquisition in two years.
- The 20-story tower was 93% leased at the time of sale, with a weighted average lease term of about 6.6 years across its tenant roster.
- Shorenstein plans wellness amenities, a bar lounge, and lobby upgrades, betting that Preston Center’s constrained supply will keep attracting highly amenitized office demand.
Shorenstein Investment Advisers has picked up another trophy asset in one of Dallas’s tightest office submarkets, acquiring the Sherry Lane Place tower in Preston Center, according to Bisnow. The 300,000-square-foot, 20-story building recently underwent a comprehensive renovation covering its conference facilities, tenant lounge, cafe and fitness center. The deal, whose purchase price wasn’t disclosed, marks Shorenstein’s fourth DFW acquisition over the past two years.
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A Growing DFW Footprint
Shorenstein has steadily expanded its DFW footprint since entering the market two years ago. Most recently, the firm bought the 273,000-square-foot Tennyson office campus in Plano’s Legacy business park in June.
Preston Center has also become one of Shorenstein’s preferred targets. Shorenstein Vice President Emily Chou said the firm continues to see “compelling opportunities in select office markets where supply is constrained and tenant demand for highly amenitized assets remains strong.”
As a result, Shorenstein has focused on well-located, renovated buildings. The firm has moved away from ground-up development.
The strategy relies on limited high-quality supply in submarkets such as Preston Center. That scarcity could help these buildings maintain a premium, even if the broader office market remains uneven.
Preston Center is one of Dallas’s most affluent and amenity-rich submarkets. High-end retail and nearby residential neighborhoods surround the area. Those features also give office tenants an advantage when recruiting and retaining workers.
The Details
Sherry Lane Place was 93% leased when the deal closed. The property has a diverse group of institutional tenants.
The building also has a weighted average lease term of about 6.6 years, according to Bisnow.
Shorenstein plans several upgrades. The firm will add wellness amenities and a bar lounge. It also plans to improve the lobby and outdoor seating areas.
These changes will build on the property’s recent renovation.
Chou cited several factors behind the firm’s interest in Preston Center. They include strong occupancy, steady tenant demand, and “unparalleled access to some of Dallas’s most desirable neighborhoods.”
Those factors have helped make the area one of the country’s top office destinations.
The additional amenity investment also points to Shorenstein’s strategy. The firm appears to expect more rent growth from existing tenants. A near-term lease-up does not seem to be the main goal because the building already has strong occupancy.
Zooming Out
The deal comes as DFW office investment activity picks up.
The metro’s office market has gained momentum. DFW office fundamentals improved through the first half of 2026.
Investors are targeting well-located, amenity-rich properties. They are also focusing on submarkets with limited new supply, such as Preston Center.
That approach mirrors Shorenstein’s strategy. The firm is putting capital into markets where new supply remains limited.
At the same time, it is betting that renovated buildings can command higher rents. That strategy differs from buying cheaper properties with higher vacancy elsewhere in DFW.
Why It Matters
The transaction shows that investors still want trophy and near-trophy office assets. That demand remains strong even as national office conditions vary.
Investors are increasingly willing to pay more for renovated, amenity-rich buildings in supply-constrained areas. Recent DFW deals show a similar trend, including the Hall Group’s acquisition of a Dallas office tower.
For owners of similar properties, Sherry Lane Place offers a useful data point. The building has 93% occupancy and a 6.6-year weighted average lease term.
Those figures show what institutional buyers want today. Stability and location can matter more than discounted pricing.
As a result, buyers may continue paying premium prices for buildings with stable rent rolls and strong locations.
What’s Next
Shorenstein plans to roll out its upgrades at Sherry Lane Place in the coming months. The work will include a new bar lounge and an improved lobby.
The firm wants to keep pace with tenant demand for amenity-rich office space.
Shorenstein has now completed four DFW deals in two years. As a result, the firm could continue targeting similar office assets across supply-constrained North Texas submarkets.
Preston Center will likely remain a key target. Competing investors are also watching the area closely.
Some may follow Shorenstein into Preston Center. Others may wait to see how the renovated Sherry Lane Place performs.
That outcome could help determine how quickly office pricing rises in the submarket.
