The week of July 17, 2023, Phoenix Capital Group, an oil and gas mineral rights acquisition firm, announced they have leased 5500+ SF of office space in Sterling Plaza, located in Preston Center on 5949 Sherry Lane. The office will house the company's sales, operations, and land teams. Like most office assets seeing new tenants, the building is flush with amenities and sits at an excellent location.

Sterling Plaza's site boasts their state-of-the-art features:

  • Highly-amenitized high-rise office building
  •  Renovated floor-to-ceiling marble lobby
  •  Designer lighting and curated art in common areas
  •  LEED Silver-certified
  •  Large windows providing abundant natural light
  •  Convenient visitor surface and tenant garage parking
  •  Spectacular views
  •  WiredScore – Wired Certified Silver
  •  Energy Star Certified

Other amenities include a full gym and other perks that hope to make tenants want to come into the office.

An office gym, beyond its function as an amenity, may also help tenants cut healthcare expenses! (Mileage may vary)Source: LoopNet

Additionally, the asset's location near the Park Cities offers a suburban base without sacrificing proximity to the CBD. Public safety, a major concern in Downtown Dallas, should be an afterthought for those in the Park Cities area.

The Metroplex, specifically Dallas, presented itself as an ideal location for a new office for many of the same reasons it is ideal for industrial assets: an educated workforce, excellent logistical infrastructure, and a central location relative to the country. Lindsey Wilson, COO at Phoenix Capital Group, spoke to the advantages offered by Dallas:

We are thrilled to open our new office in Dallas, Texas. This is a major milestone for our company, and it is a testament to the hard work and dedication of our team. Dallas is a city known for its entrepreneurial spirit, and we are excited to be a part of a city with a rich history in the oil & gas business. We believe that Dallas is the perfect place for us to grow and innovate, and we look forward to being a part of this vibrant community.

Office markets at the moment are not for the faint of heart. However, well positioned assets with modernized amenities such as Sterling Plaza remain feasible investments for those willing to stomach the thought of owning an office building. If anything, a cash-rich buyer may find themselves with a unique opportunity to take advantage of the weak market and profit once the dust (and interest rates) settle.