DALLAS–(BUSINESS WIRE)–KBS, one of the largest investors in commercial real estate, has signed three new leases totaling 24,568 square feet with national, regional and local tenants in Preston Commons, a 427,799 square foot Grade A office park in Dallas, Texas. Preston Commons is owned by KBS Real Estate Investment Trust III.
KBS has signed a 16,403 square foot lease with national multifamily investment firm RPM Living, a 5,856 square foot lease with a regional financial institution and a 2,309 square foot lease with Dallas private investment firm Scalar Gauge Fund.
According to Giovanni (Gio) Cordoves, KBS’ Western Regional President, the transactions represent the high quality of KBS’ office properties and the increasing strength of the Dallas/Fort Worth market, in which Preston Commons is located.
“KBS recognizes the Dallas/Fort Worth market’s robust workplace infrastructure, making it an attractive area for expansion for industry leaders,” said Cordoves. “From February 2020 to November 2021, Dallas experienced a 4.1% job growth rate, ranking the area 4th on the job list of best performing markets among the top 50 metropolitan areas.”
Dallas is on the rise both as a city and as a county. Dallas County’s population has increased 10.4% since 2010, with a surge in young professionals and families moving to the region over the past two years as many top companies left the coastal states for Texas.
Additionally, positive net absorption in the Dallas office sector lays the groundwork for further stabilization in 2022.
The new leases at Preston Commons show that the Dallas office market continues to lead the country when it comes to return-to-office returns, notes Cordoves.
“We saw that many companies need a physical space that encourages innovation and next-level teamwork to truly collaborate and realize their full potential,” says Cordoves. “The signing of these leases at Preston Commons is a testament to that, and the continued appeal of prime office space in the best locations in the country.”
Preston Commons is a three building office park located in the heart of the prestigious Preston Center submarket. With easy access to the Dallas North Tollway and US 75, Preston Commons is ideally located between major business centers including the Dallas Central Business District and the growing Plano and Frisco corridors.
The property received the 2015 Office Building of the Year (TOBY) Award from the Building Owners and Managers Association (BOMA) in the Renovated Building category. Premium onsite amenities include an updated lobby, business lounge, outdoor courtyard with high-speed WiFi, and outdoor meeting and workspaces. The amenities package also includes training rooms, a health and wellness center with fitness equipment, and varied dining options throughout the property, including gourmet delicacies The Commons Counter.
“Preston Commons offers all the key amenities that top office occupiers are looking for in the Dallas market,” said Brett Merz, asset manager for Preston Commons and senior vice president at KBS. “Additionally, the property is in a desirable, upscale area that offers elegant dining experiences and easy access to entertainment and high-end retail.”
Because of its prime location, Preston Commons is the destination of choice for Dallas/Fort Worth’s business elite, Merz adds. The property is just blocks from restaurants and retail outlets including R+D Kitchen, Rock ‘n Roll Sushi, SoulCycle and more.
CBRE’s Alexandra Cullins, Dennis Barnes and Jackie Marshall represented KBS in the lease transaction.
“Renters are drawn to Preston Commons because of its prime location in the Dallas/Fort Worth area and KBS’ commitment to the tenant experience,” said Cullins. “This is quite simply one of the best office properties Dallas has to offer.”
Preston Commons is located at 8111, 8115, and 8117 Preston Road, Dallas, Texas.
Photos of the property can be found here.
Celebrating its 30th anniversary this year, KBS is one of the largest investors in prime commercial real estate in the United States. As a private equity real estate firm and SEC-registered investment advisor, KBS and its affiliates have completed more than $44.5 billion in transaction activity for private and institutional investors worldwide. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial properties in some of the nation’s most prosperous epicenters. The company is committed to its business ethics, business relationships and constant focus on exceeding the expectations of its investors, partners and tenants. SEC registration as an investment adviser does not imply any particular level of qualification or education. For more information about KBS, visit www.kbs.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding KBS’s ability to invest in a diversified portfolio and the Performance of Preston Commons and the Dallas, Texas real estate market. These statements are subject to known and unknown risks, uncertainties and other factors that could cause Preston Commons’ actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.