Thursday, June 21, 2007

Uptown Building Sold - Across From Ritz

A California investor has bought an Uptown office building. KBS Realty Advisors just purchased the 2525 McKinnon building, which is a block from the Crescent.
The eight-story, 109,810-square-foot office project was acquired from developer Seneca Investments. Terms were not disclosed.
With its location next to the new Ritz-Carlton Hotel, the stone-and-glass office building provides “a unique opportunity to capitalize on the high demand in the Uptown submarket,” KBS Realty's Walter Foster said Thursday in a statement. “This property’s central location and Class A amenities are exactly what tenants in the market are seeking.”
The building opened in 2003 and is about 61 percent leased. Tenants include Sterling Bank and The Retail Connection. Transwestern Commercial Services, which negotiated the sale, will handle leasing.
KBS Realty owns 2.5 million square feet of real estate in the Dallas-Fort Worth area.
The Newport Beach, Calif.-based company was founded in 1992 and has properties throughout the United States.
By STEVE BROWN / The Dallas Morning News