KBS REIT III Signs 16K SF Lease at Texas Office Tower

KBS Real Estate Investment Trust III, a publicly registered non-traded real estate investment trust based in Newport Beach, California, signed a 15,994-square-foot lease expansion with FDL Energy at Tower 909 in Irving, Texas.

Tower 909 is a Class A, multi-tenant office building located in the heart of the Urban Center of Las Colinas in Irving. The property consists of a 19-story, 364,336-square-foot office building attached to a seven-level parking garage overlooking Lake Carolyn. Additionally, the property is the terminal stop on the Las Colinas Area Personal Transit System and is adjacent to the recently opened Urban Center Station, as well as the Orange Line of DART’s light rail system, which connects the property to uptown, downtown and DFW Airport.

Since acquiring the property in 2012, KBS has made several functional and cosmetic upgrades, including lobby and garage renovations, a new tenant lounge, fitness center and conference facility.

“Tower 909 offers a combination of city convenience and suburban serenity with easy access to the DART and its waterfront location on Lake Carolyn,” said KBS Dallas asset manager, Ryan McManigal. “We are grateful for FDL Energy’s continued business and look forward to continuing our relationship with such a quality tenant.”

FDL Energy is a private energy firm with more than $1 billion of available capital to acquire, operate and exploit oil and gas assets in North America.

KBS Capital Advisors is KBS REIT III’s external advisor and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded by Peter Bren and Charles J. Schreiber in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $30.5 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.

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