Home Alts News Remodeling Complete for KBS REIT III’s Tower 909

Remodeling Complete for KBS REIT III’s Tower 909

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.