KBS Reit III acquires 19-storey office building in Irving, Texas
KBS Real Estate Investment Trust III has acquired the 364,366 square foot Tower on Lake Carolyn building in the city of Irving within the Las Colinas submarket of the Dallas-Fort Worth metroplex.
Michael McDonald and Kennedy Hicks of Eastdil Secured represented the seller in the transaction.
The Tower on Lake Carolyn is a 19-storey, LEED-certified office tower on 3.5 acres in Las Colinas, one of Dallas-Fort Worth's fastest growing communities. Las Colinas features a variety of upscale residential, commercial, retail and open space. Completed in 1988, the Class A building has received more than USD8m in capital improvements during the past five years and is 83 per cent leased to 42 tenants.
"There are so many positive changes which have taken shape in and around the Las Colinas Urban Center, including improved highway access, housing development, Dallas Area Rapid Transit (DART) completion and connection to Dallas-Fort Worth International Airport, and new retail amenities. Any one of these factors could increase the desirability of a building such as this. However, taken together, we believe that these factors significantly enhance the long-term prospects for the Tower on Lake Carolyn," says Ken Robertson, senior vice president and asset manager of KBS Realty Advisors. "We love operating top-tier properties in promising locations like the Las Colinas Urban Center."
Including the Tower on Lake Carolyn, KBS-affiliated companies own 11 total properties in the Dallas-Fort Worth metroplex, totalling an aggregate of more than 3.3 million rentable square feet, including the 522,043-square-foot Town Center Office Park in Plano, which KBS Reit III also recently acquired. Other Dallas-Fort Worth properties in which KBS Reit III does not hold any interest include the 515,732-square-foot Providence Towers in Dallas and the Millennium Tower, a 343,461-square-foot property in Addison.