Shorenstein Investment Advisers announced today the acquisition of International Plaza II, a 15-story, Class A office building in the Lower Tollway submarket of Dallas by Shorenstein Realty Investors Fourteen. Terms of the transaction were not disclosed.
The 388,000-square-foot Property recently underwent a significant redevelopment, including the addition of nearly 50,000 square feet of new amenity space designed to meet the needs of modern tenants. On-site amenities include a full-floor food hall, a coffee and wine bar, multiple indoor and outdoor tenant lounges and state-of-the-art fitness and conference centers. A newly constructed “Lake House” event center offers tenants unique indoor and outdoor entertainment opportunities. This differentiated amenity package has resulted in over 360,000 square feet of leasing activity since the first quarter of 2020, bringing the Property to 93% leased.
“We’re excited to invest in the asset quality and cash flow profile that International Plaza II presents in a high-conviction market like Dallas,” said Colby Wick, Managing Director at Shorenstein. “The Property offers a rare combination of multi-tenant diversification and over 11 years of weighted average lease term – providing a durable cash flow stream in one of the best buildings in the submarket.”
International Plaza II is centrally located along the Dallas North Tollway, providing exceptional access throughout the Dallas metroplex and convenient commuting to surrounding residential communities. As Dallas has expanded outward, International Plaza II provides an equitable location that enables companies to tap a larger employee base with access to two-thirds of the metroplex within 30 minutes.
Over the past several years, the Lower Tollway has been one of the most active leasing markets in Dallas. The submarket continues to experience strong demand, and in 2023, it recorded the same number of leases over 20,000 square feet as the popular Uptown submarket. Top-tier buildings are commanding a disproportionate share of the leasing demand, and International Plaza II is a prime example of the flight-to-quality trend playing out across Dallas.
About Shorenstein
Shorenstein is a privately-owned investment adviser that, through affiliated entities, owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein and its affiliates have acquired $19 billion in assets (as of December 31, 2023). Using their integrated investment and operating capabilities, the firm seeks to take advantage of opportunities that, at the particular time in the investment cycle, offer attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at www.shorenstein.com.
