Shorenstein Expands Portfolio with International Plaza II
Shorenstein Expands Portfolio with International Plaza II
High-Quality Office Investment Captures Opportunity in the Growing Dallas-Fort Worth Market
Acquisition Announcement
Shorenstein Investment Advisers is thrilled to announce its recent acquisition of International Plaza II, a prestigious 15-story Class A office building in a thriving submarket. This property spans 388,000 square feet and has been significantly redeveloped to meet modern tenants' needs.
Modern Amenities Enhance Tenant Experience
International Plaza II has introduced an array of amenities designed to enhance the tenant experience. Highlights include a full-floor food hall, a coffee and wine bar, indoor and outdoor lounges, and state-of-the-art fitness and conference facilities. A newly created "Lake House" event center also offers both indoor and outdoor entertainment options, making this property a standout in the Dallas commercial real estate market.
Strong Leasing Activity and Market Demand
This innovative amenity package has led to over 360,000 square feet of leasing activity since early 2020, achieving a remarkable 93% occupancy rate. Colby Wick, Managing Director at Shorenstein, expressed enthusiasm about the acquisition, emphasizing the quality and cash flow profile that International Plaza II offers in a competitive market.
Strategic Location Benefits
The property's central positioning along the Dallas North Tollway provides exceptional access throughout the metroplex and convenient commuting options. As Dallas continues to expand, companies located in International Plaza II can tap into a larger talent pool, with the added benefit of reaching a significant portion of the metro within just 30 minutes.
Robust Leasing Environment
The Lower Tollway has emerged as a notably active leasing market, mirroring the demand seen in other popular areas. Recent data indicated that the submarket recorded an impressive number of leases exceeding 20,000 square feet in a single year, signaling strong continued demand for quality office space.
About Shorenstein
Shorenstein is a trusted investment adviser recognized for its ownership and management of premium office, residential, and mixed-use properties across the United States. The firm has a notable history, acquiring over $19 billion in assets over the years.
Contact Information
For further inquiries, please reach out to Sarah Salky or Madeline Jones at Joele Frank, Wilkinson Brimmer Katcher. Their contact number is 212.355.4449.
Frequently Asked Questions
What is the significance of the International Plaza II acquisition?
The acquisition enhances Shorenstein's portfolio and reflects its commitment to investing in high-quality office spaces in competitive markets.
What amenities are available at International Plaza II?
This property offers a food hall, coffee and wine bar, tenant lounges, fitness facilities, and an event center for tenants' needs.
What is the occupancy rate of International Plaza II?
The property has reached a remarkable occupancy rate of 93%, driven by its modern amenities and strategic location.
Why is location important for International Plaza II?
Its location along the Dallas North Tollway provides convenient access to a large employee base, enhancing its appeal to businesses.
How has the Lower Tollway market performed?
It has become a highly active leasing market, matching the demand levels of well-known submarkets in Dallas.
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