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301K SF Preston Center Office Tower Is Sold

A fund tied to CBRE Global Investors purchased the 301K SF Sherry Lane Place office tower in Dallas this month, bringing a 37-year-old office asset into its portfolio.

Sherry Lane Place office tower in Dallas is sold.

The building, which was renovated last year, is 80% leased and offers tenants 19K SF floor plates with exterior views on each floor and a four-level parking garage with executive parking.  

The facility has an on-site fitness facility, a conference center, a café, and indoor and outdoor seating.

“We believe that Sherry Lane Place is one of the premier office assets within the Preston Center submarket. The high-quality features of the building and its centralized location are two factors that we think tenants will continue to demand of their office space moving forward,” CBRE GI President of Americas Real Estate Division and Head of Strategic Partners U.S. Robert Perry said in a press statement.

The new owner intends to launch its own building modernization plan to ensure it has the type of upgraded amenities and features needed to appeal to office tenants worried about the coronavirus pandemic and future infectious disease outbreaks. 

The tower is situated in the Preston Center submarket just off the Dallas North Tollway near Douglas Avenue.