Shorenstein Acquires International Plaza 3 Office Tower in Dallas
Shorenstein Investment Advisers has acquired International Plaza 3, a 356,000-square-foot Class A office tower located in the Lower Tollway submarket of Dallas. This acquisition marks Shorenstein's fifth purchase in the Dallas area within two years and complements its existing ownership of the adjacent International Plaza 2. The property is currently approximately 85% leased to tenants including Wells Fargo Wealth Management, MassMutual, and Colliers. The firm intends to enhance the asset by adding wellness amenities, a coffee bar, and tenant lounges, while providing access to the neighboring building's food hall and event center. Shorenstein noted that the Dallas Lower Tollway submarket is seeing strong demand for high-quality office space, with vacancy rates low and average asking rents increasing nearly 40% over the last two years.
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Topics: Acquisition Dallas Market Office Real Estate Property Management