Dallas skyscraper scooped up by California-based firm as investment pours into Lone Star State

· California Post

A San Francisco investment firm is doubling down on Texas as money continues to pour into the Lone Star State from California.

Shorenstein Investment Advisers announced Tuesday that it has acquired Sherry Lane Place, a 20-story, 300,000-square-foot office tower in Dallas’ prestigious Preston Center, for an undisclosed price.

San Francisco-based Shorenstein Investment Advisers bought a a 20-story office tower in Dallas. Cushman & Wakefield

The purchase is the Shorenstein’s fourth in less than two years, and gives the firm control of about 20% of the Class A office space in one of Dallas’ strongest-performing business districts, according to Dallas News.

The 93%-leased tower at 5956 Sherry Lane, which is worth $120.2 million, is home to the Park Cities Club and once housed an office for President George W. Bush.

Shorenstein bought the 320,000-square-foot Sterling Plaza in Preston Center in July 2025 and purchased The Tennyson in Plano, Texas, in June.

Shorenstein Investment Advisers chairman and CEO Brandon Shorenstein (at left) Angela Pham/BFA.com/Shutterstock

The firm has owned International Plaza II, a 15-story tower along Dallas Parkway, since late 2024.

The shopping spree comes as Texas continues to attract businesses, residents and investment from California — where high taxes, housing costs and regulation have helped fuel an exodus of companies and residents to lower-cost states.

Since 2024, Shorenstein has acquired 13 office properties across the country in deals totaling roughly $2 billion.

An elevated view of the Dallas skyline and Reunion Tower is seen at sunset on Thursday, April 9, 2026, in Dallas, Texas. Getty Images

Its latest Texas bet comes as the Preston Center remains a hot spot for office investment.

The area has an availability rate of just 4%, while rents have topped $100 per square foot.

Shorenstein — headed by CEO Brandon Shorenstein — said it plans to upgrade Sherry Lane Place with new wellness amenities, lobby improvements and enhanced outdoor seating, adding to recent renovations to the building’s conference rooms, cafe and fitness center.

The Dallas skyline. Bloomberg via Getty Images

“We continue to see compelling opportunities in select office markets where supply is constrained and tenant demand for highly amenitized assets remains strong,” Emily Chou, a Shorenstein vice president, said in a statement.