Monday, November 10, 2014

Turtle Creek tower sells for estimated $75 million

California-based investor KBS Realty Advisors said Tuesday that it has completed its purchase of a Dallas office tower.
KBS bought the 21-story 3811 Turtle Creek building located at Turtle Creek Boulevard and Blackburn Street in Oak Lawn.
The almost 300,000-square-foot building is more than 80 percent leased with major tenants including Eagle Materials, Prosperity Bank, Gables Residential and Wilson & Associates.
Built in 1985, the building is considered one of the top office projects in that area of Dallas.
It was expected to sell for close to $75 million. KBS officials wouldn’t comment on what they paid for the high-rise.
KBS plans to spend millions on upgrades for the pink granite tower.
“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,” KBS’ Ryan McManigal said in a statement.
The Turtle Creek tower was sold by a unit of Metropolitan Life Insurance in a deal negotiated by Andrew Levy of HFF.
The Oak Lawn building is just one of 4 million square feet of prominent office properties KBS now owns in the area, including Preston Commons and Sterling Plaza in North Dallas, Providence Towers in Farmers Branch and Tower on Lake Carolyn in Las Colinas.