Shorenstein Buys Dallas Office Asset with $78M Loan

Major investment sales are back in DFW.

International Plaza II, a 15-story Class A office building in Far North Dallas, has changed hands.

Shorenstein Investment Advisers bought the 388,000-square-foot property from New York-based investor Taconic Capital. JP Morgan lent the San Francisco-based buyer $78.3 million for the transaction, loan documents show. That’s almost $202 per square foot.

The property was valued at $98.7 million in 2024, according to appraisal district data.

JLL started marketing the property for sale in March.

The tower, at 14221 Dallas Parkway, sits along the Dallas North Tollway just south of Addison, about 13 miles north of downtown.

The building was delivered in 2000 and underwent a major renovation in 2020. It features a food hall, coffee and wine bar, gym, conference centers and an event center.

It is 93 percent leased, according to a release from Shorenstein.

Its tenants include event services firm Freeman, Interstate Batteries and accounting firm Forvis, which signed a 31,000-square-foot lease in 2023, Dallas Business Journal reported.

The building’s success points to the endurance of the “flight-to-quality” trend in DFW, the buyer said.

Far North Dallas is one of the Metroplex’s most robust office submarkets. There was nearly 5 million square feet of office space in the pipeline in DFW midway through this year, and 2.2 million square feet of it is slated to be built in Far North Dallas, according to Partners Real Estate.

Sixty-five percent of that pipeline has been pre-leased.

Since the Federal Reserve reduced interest rates earlier this week, experts expect to see more commercial transactions like this one.

“The lower cost of borrowing could encourage more investors to move capital into commercial real estate, particularly as a hedge against inflation and as an alternative to lower-yielding investments like bonds,” Partners’ Steve Triolet said.

Shorenstein is an investor that focuses on office and mixed-use properties. According to its website, this is the firm’s first DFW purchase. Its portfolio includes four Austin properties and three Houston office towers.