Shorenstein Acquires Preston Center Office Tower: The DFW Deal Sheet

A major investment firm just picked up a trophy office campus in one of the premier submarkets in Dallas-Fort Worth.

Shorenstein Investment Advisers purchased the 300K SF Sherry Lane Place office building in the Preston Center area of Dallas. The 20-story tower recently received a comprehensive renovation that included upgrades to its conference facilities, tenant lounge, café and fitness center.

Shorenstein plans to add wellness amenities and a bar lounge, enhance the lobby, and upgrade outdoor seating.

“We continue to see compelling opportunities in select office markets where supply is constrained and tenant demand for highly-amenitized assets remains strong,” Shorenstein Vice President Emily Chou said in a statement. “Preston Center’s strong occupancy, durable tenant demand, attractive demographics and unparalleled access to some of Dallas’ most desirable neighborhoods have established it as one of the country’s premier office destinations.”

At the time of the deal, Sherry Lane Place was 93% leased to a diverse roster of institutional tenants with a weighted average lease term of around 6.6 years.

The deal marks Shorenstein’s fourth acquisition in DFW over the past two years. The firm acquired the 273K SF The Tennyson office campus in Plano’s Legacy business park in June.

SALES

Western Securities sold the 456-unit Dry Creek Ranch multifamily property in Northlake to Bow River Capital. The property was completed in two phases in 2007 and 2014. Institutional Property Advisors’ Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware and Shelby Vosburg represented the seller and procured the buyer.

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Houston-based investment firm DealCo purchased the 215K SF Factory Six03 office building at 603 Munger Ave. in Dallas from Granite Properties. The seller led a comprehensive redevelopment of the property between 2015 and 2017. Factory Six03 was 78% leased at the time of the deal. Cushman & Wakefield’s Todd Savage, Russell Ingrum, Jared Chua, Kelsey Shebay, Matt Murphy, Cole Sutter and Kiana Nemati represented Granite Properties in the transaction. 

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CenterSquare acquired the Belt Line Portfolio, a nearly 182K SF infill industrial portfolio in Irving. The 84%-occupied portfolio was acquired off-market. CenterSquare plans to complete various capital improvements such as concrete repairs, exterior painting, monument signage and deferred maintenance.

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Direct Equity Source acquired three new self-storage properties in Granbury in partnership with its experienced operations partner. The facilities will be integrated into Direct Equity Source’s growing real estate portfolio and professionally managed by the company’s operations partner.

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Cawley Partners, in partnership with Waterwood Capital Group and RREAF Holdings, acquired full ownership of The Centrum building at 3102 Oak Lawn Ave. in Dallas. Major renovations planned for the mixed-use project include refreshing the courtyard, lobby, tenant lounge, rooftop deck and conference areas. The building will also add a third restaurant.

In conjunction with the acquisition, Cawley Partners secured more than 100K SF in new leases, including with RREAF Holdings and Waterwood Capital Group. The project team is collaborating with design firm WATG to design an upgraded presentation of the building. Cohera Commercial will continue to provide leasing and property management services for the office building.

LEASES

Moss Construction moved its regional headquarters from McKinney to a nearly 26K SF office at 1234 Johnson Road, Suite 290, in Allen. The company leased the space through July 2036, as the move provides additional room to support collaboration among its office and field teams.

CONSTRUCTION AND DEVELOPMENT

The 370-unit The Gilman multifamily community in the Las Colinas area of Irving is now leasing. Rosewood Property Co. and Barings own and developed the community at 4955 Fuller Court. Kairoi Residential manages and leases the property.

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Henderson Engineers completed work on a six-floor inpatient tower at Baylor Scott & White Medical Center-Waxahachie. The project represents the largest phase of an ongoing $240M expansion of the 52-acre healthcare campus, which opened in Waxahachie in 2014. 

Construction of the new tower began in April 2024 and was completed while the medical center remained fully occupied. Key partners included HKS as architect and Whiting-Turner as general contractor. 

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Dallas-based Onyx Legacy Group will develop a nearly 50-acre site in Southern Dallas into a community of attainably priced homes, along with a limited number of Class-A rental units. Development partners for the project at 2900 Coombs Creek Drive in the Oak Cliff neighborhood are still being evaluated. 

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Trademark Property Co. and Harrison Street Asset Management announced a joint investment in the 40-acre Shivers Farm mixed-use community in Southlake. Construction is expected to begin this month, with Whole Foods Market serving as the project’s grocery anchor. 

Shivers Farm will feature 111K SF of retail, 38K SF of boutique office space, 37 single-family lots and a 3-acre pad approved for hotel, entertainment or additional retail uses. Development partners include architect Dwell Design Studio, general contractor Ridgemont Construction, and civil engineer and landscape planner Kimley-Horn. 

FINANCING

JLL worked on behalf of Bowie Place Properties to secure refinancing of the 192K SF boutique hotel Bowie House, Auberge Collection at 3700 Camp Bowie Blvd. in Fort Worth. The 106-key luxury hotel opened in December 2023. The JLL Capital Markets Debt Advisory team was led by Jim Curtin and De’On Collins, along with Luke Rogers, Campbell Swango, Greyson Fewin and Robert Westerfield.

PEOPLE

Crescent Communities named Marcy Phillips managing director for Texas. Phillips will expand her responsibilities to focus on Austin, Dallas and Houston. She joined Crescent Communities in 2025 with more than 25 years of multifamily and mixed-use real estate experience.

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Josh White joined Cawley Partners as the office development partner. White has 25 years of experience in office tenant representation and most recently served as vice chairman at CBRE.

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Realty Capital added Rebekah Kirkwood as director of investments. Kirkwood will serve as a point of contact for investors, offering guidance on new offerings, deal structures, project updates and the firm’s overall investment strategy. Kirkwood brings nearly a decade of commercial real estate experience to Realty Capital and most recently served as director of project management at Gardiner & Theobald.