Shorenstein Acquires Dallas Office Tower Sherry Lane Place
Shorenstein Investment Advisers has acquired Sherry Lane Place, a Class AA office tower located in the Preston Center submarket of Dallas. The property is part of Shorenstein's fourth acquisition in Dallas over two years and adds to its growing presence in one of the strongest-performing U.S. office markets. Sherry Lane Place spans 300,000 square feet across 20 floors and has recently undergone a major renovation enhancing amenities such as conference facilities, tenant lounge, café, and fitness center. The property is currently 93% leased with an average lease term of about six years to institutional tenants. The acquisition aligns with Shorenstein's strategy of investing in high-quality office assets in premier submarkets characterized by strong fundamentals, low vacancy rates (4%), and rent growth exceeding $100 per square foot. The firm has been one of the most active U.S. office investors since June 2024, acquiring properties totaling approximately $2 billion with an average distribution yield of 8%.
Topics: acquisition Dallas real estate market office_property Preston Center submarket