DALLAS, June 22, 2022–(Small business WIRE)–KBS, one of the premier buyers in professional true estate, has signed a few new lease agreements totaling 24,568 sq. feet with countrywide, regional and area tenants at Preston Commons, a 427,799 square-foot, Class A place of work park in Dallas, Texas. Preston Commons is owned by KBS Serious Estate Investment decision Trust III.
This push release options multimedia. Check out the full release in this article: https://www.businesswire.com/news/home/20220622006026/en/
KBS – Preston Commons (Picture: Organization Wire)
KBS has signed a 16,403 sq.-foot lease arrangement with countrywide multifamily investment business RPM Residing, a 5,856 sq.-foot lease agreement with a regional money institution and a 2,309 sq.-foot lease arrangement with Dallas-based non-public financial commitment organization Scalar Gauge Fund.
The transactions characterize the superior caliber of KBS’ office environment qualities as very well as the increasing energy of the Dallas/Fort Worth sector in which Preston Commons is situated, in accordance to Giovanni (Gio) Cordoves, Western regional president for KBS.
“KBS recognizes the stable career infrastructure of the Dallas/Fort Well worth marketplace, making this an attractive spot for business-top businesses to broaden,” suggests Cordoves. “From February 2020 to November 2021, Dallas expert a career expansion charge of 4.1%, putting the region at No. 4 on the jobs record of most effective-accomplishing marketplaces among the leading 50 metro spots.”
Dallas is on the rise as both equally a town and county. The populace of Dallas County amplified by 10.4% because 2010, with a spike of youthful professionals and family members going to the area about the past two many years due to several top companies leaving coastal states for Texas.
In addition, optimistic internet absorption in Dallas’ office sector is laying the groundwork for even further stabilization in the course of 2022.
The new lease agreements at Preston Commons are indicative of the way that the Dallas business office sector has ongoing to guide the state in returning to the office environment, notes Cordoves.
“We have observed that in get to really collaborate and prosper at peak potential, a lot of organizations have to have a physical room that fosters subsequent-amount innovation and teamwork,” says Cordoves. “The signing of these leases at Preston Commons is a testomony to this, as well as to the enduring attraction of top rated-tier business office room in the most effective areas in the country.”
Preston Commons is a 3-developing office environment park positioned in the coronary heart of the prestigious Preston Centre submarket. With handy access to the Dallas North Tollway and US 75, Preston Commons is preferably positioned amongst main company hubs, which includes the Dallas Central Business enterprise District and the rising Plano and Frisco corridors.
The assets gained the 2015 Business Creating of the Calendar year (TOBY) award in the Renovated Creating category from the Creating Entrepreneurs and Managers Association (BOMA). Leading-quality on-website amenities consist of an upgraded lobby, business enterprise lounge, open-air courtyard with higher-velocity WiFi, and outside conference and workspaces. The features package also attributes education rooms, a overall health and wellness centre with health and fitness gear, and different dining selections during the building together with gourmet deli The Commons Counter.
“Preston Commons offers all the essential amenities top rated place of work buyers are searching for in the Dallas marketplace,” states Brett Merz, asset supervisor for Preston Commons and senior vice president at KBS. “Also, the asset is positioned in a substantial-demand, posh space that supplies stylish dining ordeals and quick obtain to enjoyment and higher-stop retail.”
Thanks to its superior-finish locale, Preston Commons is the preferred location for Dallas/Fort Worth’s small business elite, Merz provides. The property is in a couple blocks of eating and retail establishments which include R+D Kitchen area, Rock ‘n Roll Sushi, SoulCycle, and substantially more.
Alexandra Cullins, Dennis Barnes, and Jackie Marshall of CBRE represented KBS in the lease transaction.
“Tenants are drawn to Preston Commons for its key spot within just the Dallas/Fort Worthy of space, along with KBS’ devotion to the tenant working experience,” claims Cullins. “This is quite simply a person of the best office houses that Dallas can offer you.”
Preston Commons is positioned at 8111, 8115, & 8117 Preston Road, Dallas, Texas.
You should uncover photos of the house listed here.
Celebrating 30 yrs in organization this 12 months, KBS is a person of the major investors of leading professional real estate in the nation. As a non-public equity genuine estate organization and an SEC-registered financial investment adviser, KBS and its affiliated organizations have concluded transactional action of a lot more than $44.5 billion on behalf of private and institutional investors globally. Launched in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates key industrial serious estate in some of the most prosperous epicenters in the place. The agency is fully commited in its small business ethics, its enterprise associations, and its regular emphasis on exceeding the anticipations of its buyers, associates, and tenants. SEC registration as an investment advisor does not indicate any particular amount of talent or schooling. For more details on KBS, please pay a visit to www.kbs.com.
This launch may perhaps include forward-looking statements in just the indicating of Area 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as statements relating to KBS’s capacity to devote in and control a assorted portfolio, and the overall performance of Preston Commons and of the Dallas Texas true estate market. These statements are issue to recognised and mysterious challenges, uncertainties and other aspects which might lead to Preston Commons’ precise benefits, efficiency, or achievements to be materially distinctive from any long term outcomes, performance or achievements expressed or implied by such ahead-wanting statements.
Check out resource variation on businesswire.com: https://www.businesswire.com/news/property/20220622006026/en/
Lexi Astfalk or Jenn Quader
The Smart Agency
KBS Public Relations Director
Trader Relations Get in touch with:
Vice President – Trader Relations