Shorenstein Investment Advisers Buys Premium Office Campus In Major Dallas Market
A major investment firm just picked up a Class-A office campus in the hottest submarket in Dallas-Fort Worth.
Shorenstein Investment Advisers acquired the 273K SF The Tennyson office campus in Plano’s Legacy business park from Spear Street Capital. The two-building campus at 6105 Tennyson Parkway was originally developed in 2012 as the corporate headquarters of global telecommunications company Ericsson.
Financial terms of the transaction were not disclosed. The acquisition is indicative of Shorenstein’s strategy of investing in submarkets poised to experience rent growth, according to Vice President Emily Chou.
"The Tennyson is well positioned to benefit from growing submarket demand and strong demographic tailwinds,” Chou said in a statement.
The fully leased campus has a weighted average lease term of around 6.6 years. The Tennyson underwent significant capital improvements in 2024, receiving upgraded amenities such as conference facilities, a tenant lounge, a cafe and a speakeasy as well as outdoor space.
Shorenstein plans to further improve the amenities and tenant experience by adding more outdoor offerings to the 12-acre site.
Newmark’s Chris Murphy, Robert Hill, Gary Carr and Austin Sheahan represented Spear Street Capital in the deal. The firm’s Ramsey Daya and Andrew Porteous, with support from Clint Frease, Chris McColpin and Josh Francis, also arranged acquisition financing for Shorenstein.
“Investor appetite for differentiated office product in high-growth Sun Belt markets remains strong, particularly for assets that offer an elevated workplace experience and long-term operational upside,” Murphy, a Newmark vice chairman, said in a statement. “As capital continues to be selective, properties with recent reinvestment and strong market positioning are standing out in today’s environment.”
The acquisition is Shorenstein's third investment in the DFW region within the past two years. The company bought the 388K SF International Plaza II office building in 2024 and the 320K SF Sterling Plaza office facility last year.
During the last two years, Shorenstein has acquired 10 office properties totaling more than $1.5B, with two more pending deals in Nashville and the San Francisco Bay area.
Plano’s office market is on the rise thanks to a pair of high-profile corporate relocations to the city.
At the beginning of the year, AT&T announced it would move its global headquarters to Plano in 2028, and Samsung Electronics America confirmed earlier this month it will relocate its U.S. headquarters from New Jersey to the city by the end of the year.
AT&T’s new $1.35B global headquarters will have more than double the space of its current 1M SF Whitacre Tower building in Downtown Dallas.
Samsung expects to reassign most of the approximately 1,000 employees at its current headquarters in Englewood Cliffs, New Jersey, to the company’s existing campus in Plano’s Legacy Central business park.
Those corporate giants aren’t the only major relocation coming to Plano, as the Dallas Stars also announced plans on June 2 for a massive mixed-use district to be anchored by a new arena at The Shops at Willow Bend mall in Plano.
