KBS Real Estate Investment Trust III (KBS REIT III) has completed renovations on Tower 909, an office building located in Las Colinas, a developed area in the Dallas Suburb of Irving, Texas, according to a report in The Dallas Business Journal. The 19-story office tower was purchased by KBS last year for $46.3 million.
The 364,366 square foot building, also known as Tower on Lake Carolyn, now devotes its ground floor to amenities for its tenants. The renovations made way for a new conference facility, a café, a fitness center, and even a wine lounge, among other things. Improvements were also made to the facility’s parking garage.
KBS REIT III is a non-traded RIET that invests in real estate properties as wells as real estate-related debt assets across the United States. It invests primarily in core office and industrial properties. Currently, the portfolio owns 13 assets which are 92% leased.
Through September 30, 2013, the REIT had raised about $532 million. Its maximum offering size is $2 billion and it is scheduled to close April 24, 2014.