US property investor Shorenstein Investment Advisers has acquired the 320,000sqft Sterling Plaza office building in Dallas, Texas.
Shorenstein said the 19-storey, class-A office tower located in Preston Center is currently 89% leased and has been recently renovated.
Colby Wick, managing director at Shorenstein, said: “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 capitalise on the momentum.”
The deal represents Shorenstein’s second recent investment in the Dallas market, following its 2024 purchase of International Plaza II in the Lower Tollway.
“Over the past year, the company has actively acquired class-A office assets, with over $1bn in closed transactions and several additional acquisitions currently under contract.”
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