Shorenstein Expands Its Portfolio with International Plaza II
High-Quality Office Investment Takes Advantage of the Growing Dallas-Fort Worth Market
Announcement of the Acquisition
Shorenstein Investment Advisers is excited to share its latest acquisition: International Plaza II, an impressive 15-story Class A office building situated in a bustling submarket. Spanning 388,000 square feet, this property has undergone extensive redevelopment to cater to the needs of modern tenants.
Modern Amenities to Enrich the Tenant Experience
International Plaza II boasts a variety of amenities aimed at enriching the experience for its tenants. Key features include a full-floor food hall, a coffee and wine bar, both indoor and outdoor lounges, and top-notch fitness and conference facilities. Additionally, a newly established "Lake House" event center provides versatile indoor and outdoor entertainment spaces, making this property a highlight in the Dallas commercial real estate landscape.
Impressive Leasing Activity and Market Demand
The property's amenity-rich offerings have driven over 360,000 square feet of leasing activity since early 2020, resulting in a notable occupancy rate of 93%. Colby Wick, the Managing Director at Shorenstein, expressed excitement about this acquisition, pointing out the quality and revenue potential that International Plaza II brings to a competitive marketplace.
Strategic Location Advantages
Situated along the Dallas North Tollway, the property enjoys excellent access across the metroplex, providing convenient commuting options. As Dallas continues to grow, businesses in International Plaza II can tap into a broader talent pool, benefiting from proximity to a significant portion of the metro area within just 30 minutes.
Active Leasing Environment
The Lower Tollway area has emerged as a remarkably vibrant leasing market, mirroring the demand found in other desirable districts. Recent reports show that this submarket recorded an impressive number of leases exceeding 20,000 square feet in a single year, indicating sustained demand for quality office space.
About Shorenstein
Shorenstein stands out as a respected investment adviser known for its management and ownership of premium office, residential, and mixed-use properties throughout the United States. The firm has a distinguished history, having acquired more than $19 billion in assets over the years.
Contact Information
If you have any questions, please reach out to Sarah Salky or Madeline Jones at Joele Frank, Wilkinson Brimmer Katcher. You can contact them at 212.355.4449.
Frequently Asked Questions
What makes the International Plaza II acquisition significant?
This acquisition enhances Shorenstein's portfolio and showcases its commitment to investing in high-quality office spaces within competitive markets.
What types of amenities can tenants find at International Plaza II?
The property features a food hall, a coffee and wine bar, lounges for tenants, fitness facilities, and an event center to accommodate tenants’ needs.
What is the current occupancy rate of International Plaza II?
The occupancy rate stands at an impressive 93%, largely due to its modern amenities and prime location.
Why is the location of International Plaza II vital?
Its central location along the Dallas North Tollway offers convenient access to a large workforce, making it highly attractive to businesses.
How is the Lower Tollway market performing?
This area has become a very active leasing market, keeping pace with demand levels seen in other well-known submarkets in Dallas.
