Shorenstein Investment Advisers, a San Francisco-based firm, has acquired Sherry Lane Place, a 20-story office tower located in Dallas' Preston Center. The deal marks the latest in a series of investments by the firm in Texas, a state that continues to attract capital and businesses from California.
The 300,000-square-foot office building, which is 93% leased, was purchased for an undisclosed price. Sherry Lane Place, situated at 5956 Sherry Lane, previously housed an office for President George W. Bush and is currently home to the Park Cities Club.
This acquisition is Shorenstein's fourth in Texas in less than two years. In July 2025, the firm purchased Sterling Plaza, a 320,000-square-foot building also in Preston Center. In June, Shorenstein acquired The Tennyson in Plano. The firm has also owned International Plaza II, a 15-story tower along Dallas Parkway, since late 2024. Following this latest acquisition, Shorenstein controls approximately 20% of the Class A office space in the Preston Center area.
The ongoing investment trend into Texas from California is fueled by factors such as lower taxes, housing costs, and regulations in the Lone Star State, which have prompted an exodus of companies and residents from California. Since 2024, Shorenstein has invested in 13 office properties nationwide, totaling around $2 billion.
Preston Center remains a desirable location for office investment, with an office availability rate of only 4% and rents exceeding $100 per square foot. Shorenstein plans to implement upgrades to Sherry Lane Place, including enhancements to wellness amenities, the lobby, and outdoor seating areas, in addition to recent renovations to the building's conference rooms, cafe, and fitness center. Emily Chou, a vice president at Shorenstein, stated that the firm sees "compelling opportunities in select office markets where supply is constrained and tenant demand for highly amenitized assets remains strong."