New York Life Investors offloaded the north Dallas office building it spent the last decade repositioning.
Pinnacle Tower, at 5005 Lyndon B. Johnson Freeway, was half empty when New York Life purchased it in 2016. After a $9 million renovation conducted by Stream Realty in 2018 and successful lease-up efforts, the property is 88 percent occupied.
Orlando, Florida-based Estein USA and Chicago-based Vanderbilt Partners picked up the property, according to a release from JLL, which is handling leasing at the property for its new ownership.
Terms of the trade weren’t disclosed, but loan documents show Goldman Sachs provided a $100 million mortgage for the purchase. The building was last valued at $104.3 million, according to local appraisal records. New York Life and partner Dallas-based Encore Enterprises bought the property for an estimated $95 million in 2016 or about $173 per square foot, the Dallas Business Journal reported at the time.
The 24-story, 550,000-square-foot Pinnacle office building is about 12 miles north of downtown Dallas across the tollway from the Galleria Dallas shopping mall.
Though Dallas-Fort Worth’s glut of older office buildings is responsible for the market’s persistently high office vacancy, not all of these aging properties are obsolete. Some, like Pinnacle Tower, provide investors the opportunity to reposition older office space, giving it a second life.
For example, one of North Texas’ biggest office sales of 2025 was the trade of International Plaza II, at 14221 North Dallas Parkway. New York-based Taconic Capital offloaded the property that was built in 2000 and renovated in 2020. At the time of the sale, it was 93 percent leased.
Still, this kind of activity hasn’t been widespread enough to make a meaningful dent in the region’s stubborn vacancy rate, which was 27.2 percent at the end of 2025, according to JLL.
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