Sterling Plaza
5949 Sherry Lane, Dallas, TX 75225
Property Overview
At 19 stories, Sterling Plaza is the second-tallest office property in the coveted Preston Center submarket of the Dallas/Fort Worth area. This impressive Class A tower is LEED-EB certified and contains 313,609 square feet of rentable office space. Built in 1984 and renovated from 2010 to 2013, the building is located within walking distance of the Park City Club and Hilton Hotel. Other amenities include a conference center and café on-site.
The Preston Center submarket is prominently located in close proximity to Dallas’ most prestigious residential neighborhoods and is considered a perennial leader in Dallas in terms of occupancy and rental rates.
Since the 1950s, Preston Center has maintained its status as a premier commercial district of Dallas. Initially a shopping area, it has evolved into Dallas’ most prominent retail and office market. Preston Center is located along the Dallas North Tollway between downtown Dallas and North Dallas. New development opportunities are highly constrained in this area due to lack of available land and high land prices.
Preston Center is in close proximity to University Park and Highland Park, two municipalities within the city of Dallas with extremely high-end demographic profiles. Highland Park is considered to be one of the premier zip codes in Dallas, with residents that include Dallas Cowboys owner Jerry Jones and former Cowboys quarterback Troy Aikman.
Investment at a Glance
Location: Dallas, TX
Property Type: Class A Office
Acquisition Date: June 19, 2013
Purchase Price: $73,500,000
No. of Buildings: 1
No. of Stories: 19
Square Footage: 313,609 SF
Year Built: 1984/2010-2013
Leased Percentage (at the time of Acquisition): 82%
