CBRE Global Investors Bolsters Dallas Presence
- Feb 01, 2021
CBRE Global Investors has expanded its Texas footprint with the acquisition of Sherry Lane Place, a 301,891-square-foot office building in Preston Center, part of the Dallas office market. The seller, J.P. Morgan Asset Management, bought the asset back in 2006, CommercialEdge data shows.
Built in 1984, the 20-story property at 5956 Sherry Lane offers 19,350-square-foot floorplates, atop of a four-level parking garage. Fully upgraded in 2020, the building got a fresh amenity package that comprises a fitness center, a conference center, a café with outdoor seating and executive parking. At the time of the sale, Sherry Lane Place was 80 percent leased.
The new owner is planning to renovate the asset to include a more COVID-19-conscious design, Robert Perry, president of Americas Real Estate Division & head of Strategic Partners U.S. said, in prepared remarks. The improvement plan call for the implementation of a spec-suite program and the activation of the recently revamped building amenities.
Located near the intersection of Route 12 and Dallas North Tollway, the 7-acre lot sits 8.7 miles north of downtown Dallas. A Target-anchored retail center is within walking distance, while Love Field Airport is within 4 miles southwest.
Who’s buying what?
CBRE’s Dallas office portfolio includes another 20-story building spanning nearly 500,000 square feet, at 8750 N. Central Expressway, 3 miles east of Sherry Lane Place. The company acquired the property in mid-2017 for $120 million. In one of its most recent Southern U.S. purchases, CBRE bought a newly built, 421,470-square-foot Class A warehouse in Tennessee, advancing its industrial-focused strategy for 2020.
Recently, local player Cawley Partners also boosted its presence in the metro’s office market. In January, the company purchased a 150,000-square-foot building in the Las Colinas submarket and two Class A properties encompassing 475,000 square feet in Southlake, Texas.