Private equity real estate company, KBS Realty Advisors recently acquired a Class A building in Texas.
The 21-story building is located at 3811 Turtle Creek, a submarket of Dallas. Built in 1985, the 295,853 square foot property was 82 percent leased at the time of purchase. Located only a short distance from the multi-million dollar redevelopment project of Turtle Creek Village, the building is expected to attract a number of prospective tenants.
“This property not only provides all the key building blocks that tenants look for today, but it is also well-located within Dallas’s prime submarket and very close to Highland Park, one of the most affluent neighborhoods in Texas,” said Ken Robertson, KBS central regional president.
KBS acquired the landmark building from MetLife. With ownership of 11 properties in the metro Dallas including Preston Commons and Sterling Plaza, KBS further expands its Texas portfolio with its latest addition of 3811 Turtle Creek.
“We see a great opportunity to both revamp the property’s lobby, common areas and amenities and to capitalize on the evolving area dynamics with the renovation happening at Turtle Creek Village,” commented KBS Dallas Asset Manager, Ryan McManigal.