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 Neel 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 J = 0.675(2) between dimer and plaquette phase is compatible with previous series expansion results. iPEPS predicts a weak first-order phase transition between plaquette and Neel phase occurring for J = 0.765(15). We do not find a stable intermediate columnar-dimer phase, even when we bias the state towards this order.