Shorenstein Acquires Sherry Lane Place Office Tower in Dallas' Preston Center

Shorenstein has acquired Sherry Lane Place, a 20-story, 300,000-square-foot Class AA office tower located in the Preston Center submarket of north Dallas, the firm announced Sept. 8, 2026. The transaction marks the firm's fourth office acquisition in the Dallas market over approximately the past two years.

Property Overview

Sherry Lane Place is a Class AA office tower situated in Preston Center, one of north Dallas' most established and supply-constrained office nodes. The building spans roughly 300,000 square feet across 20 stories. Preston Center has consistently posted some of the tightest vacancy rates and highest rents among Dallas-Fort Worth office submarkets, characteristics that have drawn institutional capital even as broader Dallas office vacancy remains elevated.

Shorenstein's Growing Dallas Footprint

The Sherry Lane Place acquisition adds to a Dallas portfolio Shorenstein has assembled since approximately 2024. Among its prior Dallas holdings is Sterling Plaza, a 313,600-square-foot, 19-story office tower at 5949 Sherry Lane in Preston Center that was 87% leased at the time of Shorenstein's acquisition and underwent renovations in 2023. The firm also acquired International Plaza II in north Dallas as part of this cycle of investment. With Sherry Lane Place, Shorenstein now holds multiple assets in close proximity within Preston Center, a concentration that can yield leasing and operational efficiencies across the cluster.

Market Context

Dallas office vacancy across the broader metro remains elevated, though it has begun to edge downward. Preston Center has outperformed the wider market, with its limited new supply and strong tenant demand supporting occupancy and rents above metro averages. Shorenstein's repeated acquisitions in this submarket reflect a strategy of targeting high-quality assets in supply-constrained nodes during a period when capital is still repricing office risk across much of the country.

Strategic Positioning

The Sherry Lane Place deal continues a pattern in which Shorenstein has concentrated its Dallas exposure in select, high-performing micro-markets rather than pursuing broad metro diversification. By assembling a cluster of Class AA inventory within Preston Center — including assets on or near Sherry Lane itself — the firm positions itself to offer tenants options within the same submarket while capturing the operational benefits of managing proximate buildings under a single ownership platform.

Sources: PR Newswire – Shorenstein Expands Dallas Portfolio With Acquisition of Sherry Lane Place