{"id":73128,"date":"2025-07-18T16:47:17","date_gmt":"2025-07-18T16:47:17","guid":{"rendered":"https:\/\/www.europesays.com\/us\/73128\/"},"modified":"2025-07-18T16:47:17","modified_gmt":"2025-07-18T16:47:17","slug":"highly-valued-office-building-in-preston-center-trades-hands","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/73128\/","title":{"rendered":"Highly valued office building in Preston Center trades hands"},"content":{"rendered":"

A highly valued office building<\/a> in Dallas recently traded hands between two California companies.<\/p>\n

Earlier this week, Shorenstein Investment Advisers, a San Francisco real estate investor, announced it purchased Sterling Plaza in Preston Center from previous owner, Newport Beach-based KBS.<\/p>\n

Although transaction values were not disclosed by either party, KBS noted it was the highest-valued office transaction this year.<\/p>\n

Related:UT Dallas purchases office building to support ongoing expansion<\/a><\/p>\n

D-FW Real Estate News<\/p>\n

Get the latest real estate news you need to know.<\/p>\n

Dallas Central Appraisal District values the property at just under $113 million. <\/p>\n

The 315,000-square-foot property was built in 1984, and marketing material from KBS notes it was renovated between 2010 and 2013.<\/p>\n

KBS also noted it added an amenity floor in 2023 with a conference center, fitness center and tenant lounge with a bar.<\/p>\n

Other amenities include an on-site caf\u00e9, electric vehicle charging stations, ATM, complimentary bike check-out and storage, car wash and a 15-passenger Mercedes-Benz Sprinter Van ferrying tenants to surrounding dining and shopping options.<\/p>\n

Shorenstein is planning to further modernize the lobby, entryway, caf\u00e9 and communal outdoor areas.<\/p>\n

Preston Center is one of the Dallas-Fort Worth\u2019s most coveted office markets<\/a>, boasting the second-largest share of new construction after Uptown. <\/p>\n

\u201cDespite national office vacancy rates at historic highs<\/a>, there are \u2018pockets of strength\u2019 in many markets across the country that we\u2019ve invested in \u2014 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\u2019ve seen nationally, and Shorenstein is excited to capitalize on the momentum,\u201d Colby Wick, Shorenstein managing director, said in a statement.<\/p>\n

Preston Center is also Dallas\u2019 most constricted office market, with a 7.8% vacancy rate according to research from commercial real estate brokerage Newmark.<\/p>\n

Shorenstein\u2019s acquisition of Sterling Plaza is its second in the Dallas market, on the heels of its 2024 acquisition of International Plaza II in the Lower Tollway area. <\/p>\n

Newmark brokers Robert Hill, Chris Murphy, Gary Carr and Austin Sheahan represented KBS in the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"A highly valued office building in Dallas recently traded hands between two California companies. Earlier this week, Shorenstein…\n","protected":false},"author":3,"featured_media":73129,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5135],"tags":[5229,347,12611,1596,4329,358,3187,67,586,132,5230,68,2969],"class_list":{"0":"post-73128","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-dallas","8":"tag-america","9":"tag-article","10":"tag-commercial-real-estate","11":"tag-dallas","12":"tag-real-estate","13":"tag-texas","14":"tag-tx","15":"tag-united-states","16":"tag-united-states-of-america","17":"tag-unitedstates","18":"tag-unitedstatesofamerica","19":"tag-us","20":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114875258935695933","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/73128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=73128"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/73128\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/73129"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=73128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=73128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=73128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}