We simulate the Shastry-Sutherland model in two dimensions by means of infinite projected entangled-pair states (iPEPS) - a variational tensor network method where the accuracy can be systematically controlled by the so-called bond dimension. Besides the well established dimer and N'eel phase iPEPS confirms the presence of an intermediate phase with plaquette long-range order, and we determine its phase boundaries with high accuracy. The first order phase transition for between dimer and plaquette phase is compatible with previous series expansion results. iPEPS predicts a weak first-order phase transition between plaquette and N'eel phase occurring for . We do not find a stable intermediate columnar-dimer phase, even when we bias the state towards this order.

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