A Preston Center Tower Changed Hands Without A Price

Shorenstein Investment Advisers acquired Sherry Lane Place, a Class AA office tower in the Preston Center submarket of Dallas. The seller was not disclosed. The building runs 300,000 square feet across 20 stories, was 93% leased at closing, and carries a weighted-average lease term of approximately 6.6 years.

The purchase price was not disclosed in any source. Since June 2024, Shorenstein has acquired 13 office properties totaling roughly $2 billion at an average 8% distribution yield — a portfolio-level figure, not deal-specific. The firm now reports owning close to 20% of Preston Center's Class AA office stock.

The math. 15,000 square feet per floor. At 93% leased, roughly 279,000 square feet occupied and 21,000 vacant. The prior basis is a genuine reference: CBRE Global Investors paid $120M for the asset in February 2021, buying from J.P. Morgan Asset Management — $400.00 per square foot. Thirteen acquisitions in about 27 months is one closing every 2.1 months, at an average of roughly $153.8M per property.

The undisclosed price is itself the disclosure. A buyer running a programmatic office strategy publishes an 8% average distribution yield across $2B and thirteen assets, then declines to put a number on the fourteenth. That is a deliberate choice about what the market is allowed to mark.

What can be said is that a 93%-leased Class AA tower with 6.6 years of weighted-average lease term is not a distressed asset, and the 2021 basis of $400 per square foot is a real reference. Whether the 2026 clearing price sits above or below it is exactly what is being withheld.

Submarket concentration approaching 20% of Class AA stock is the more durable signal. That is a position taken to control leasing dynamics in a single node, not a diversified allocation to Dallas office.

Implications. The bid for high-quality, well-leased suburban office in strong submarkets is real, programmatic, and running at a stated 8% distribution yield. That is a very different market from the CBD office story, and it is being priced separately. Concentration at 20% of a submarket's Class AA inventory gives one owner meaningful influence over asking rents and concession packages in Preston Center. Tenants renewing there should price that in.

Uncertainty. No purchase price was disclosed, so no price per square foot, cap rate or going-in yield can be computed for this trade. The 8% figure is a portfolio-wide average distribution yield across 13 assets, not this deal's yield. The seller is unidentified and it is not confirmed whether CBRE Global Investors still owned the asset in 2026. A $218M figure that surfaced in search results for Dallas office belongs to an unrelated 2025 transaction and is not associated with Sherry Lane Place. The 20% Preston Center share is the buyer's own claim and was not independently verified.