A prominent office campus in Plano’s Legacy district is changing hands, marking another vote of confidence in one of North Texas’ most competitive office markets.
San Francisco-based Shorenstein Investment Advisers acquired The Tennyson, a 273,000-square-foot office campus near Legacy West that was originally built as the North American headquarters for telecommunications giant Ericsson.
The sale is a transfer between two major Bay Area real estate firms. The property was owned by Spear Street Capital, which purchased and repositioned the campus in recent years before selling it to Shorenstein.
Located in Plano’s Legacy business corridor, The Tennyson consists of two office buildings on a 12-acre site. While many office properties across the country continue to face challenges from changing workplace habits, the Plano campus arrives in its new owner’s portfolio fully leased with a mix of tenants that have completed modern office buildouts in recent years.
A Headquarters Built For Ericsson
When the campus opened in 2012, it was designed specifically for Ericsson, which used the property as a major corporate hub.
Since then, the buildings have undergone significant upgrades aimed at attracting a broader range of tenants. Recent improvements added a fitness center, conference facilities, tenant lounge, café, speakeasy and expanded outdoor gathering areas.
Shorenstein said it plans to continue investing in the property, including additional enhancements to the outdoor amenities.
“The Tennyson acquisition reflects our top-down strategy of investing in momentum submarkets which are poised for rent growth,” said Emily Chou, vice president at Shorenstein. “Similar to our recent investments in Preston Center and the Lower Tollway, which experienced robust rent growth following our acquisitions, The Tennyson is well-positioned to benefit from growing submarket demand and strong demographic tailwinds.”
Why Legacy Continues To Attract Investment
Plano’s Legacy district has evolved into one of the region’s most concentrated employment centers. Major employers, including Toyota Motor North America, Liberty Mutual and JPMorgan Chase, maintain significant operations in the area. More recently, Samsung announced plans to move its headquarters to Plano.
The area also stands to benefit from AT&T’s planned two-million-square-foot campus, which is expected to open in 2028.
Beyond its concentration of employers, Legacy offers something many suburban office districts lack: a walkable mix of restaurants, hotels, apartments and entertainment venues centered around Legacy West.
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