KBS Strategic Opportunity REIT, a non-traded real estate investment trust based in Newport Beach, California, announced today the acquisition of 125 East John Carpenter and 5100 North O’Connor. The Class A, eighteen-story office tower and six-story office tower total 442,039 square feet and are currently 84 percent leased.
The buildings’ benefit from an excellent location near the heart of the Las Colinas market, which is a business and residential community centrally located between Dallas and Fort Worth. The greater Las Colinas area is home to more than 90,000 residents and includes upscale residencies, apartment complexes, recreational facilities, dining and city parks. Las Colinas provides diverse office space for many Fortune 500 companies and a professional job base.
The buildings’ will also benefit from being immediately adjacent to the new Gables Water Street mixed-use development as well as the Irving Music Factory, both of which will include new retail, restaurant and entertainment amenities. A diverse and stable tenant roster currently leases space in the office towers, with companies in financial services, health care, global packaging and strategic regional HQ offices.
“We look forward to expanding KBS’ footprint in Texas with the acquisition of this property,” said David Moore, senior vice president and asset manager for KBS Strategic Opportunity REIT. “We anticipate the key drivers of this property are the excellent location, walkable amenities and leasing opportunity. Texas and the DFW metroplex are national leaders in population and employment growth. We believe the thriving economy and job base, combined with its quality life style and cost of living make it an ideal location to recruit top talent."
KBS Capital Advisors is the external advisor to KBS Real Estate Investment Trusts (REITs), and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $34 billion via 15 separate accounts, six commingled funds, five sovereign wealth funds and seven non-traded REITs. For information, visit www.kbs.com.