COMMERCIAL REAL ESTATE
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KBS of Newport Beach’s portfolio grows sky high
The purchase of the 12-story Providence Towers in Dallas is one of the company's largest Texas acquisitions.
By Susan BelknappPublished: April 02, 2009 10:35 AM
Newport Beach-based KBS Realty Advisors, one of the nation’s leading commercial real estate investment advisors, continues to build its portfolio of Class-A office properties in Texas with the purchase of Providence Towers, 504,732-square-foot, 12-story office tower in the Far North Dallas Tollway submarket of Dallas.
“The addition of Providence Towers to our portfolio further enhances our long term commitment to the Tollway submarket,” says Bill Rogalla, KBS senior vice president. “Providence is a landmark quality asset which will perform well as the economy recovers in the coming years.”
Considered a prestigious, trophy-caliber property, Providence Towers features polished red granite exteriors and an impressive nine-story entrance arch that splits the building into identical east and west towers. Amenities include a five-story underground garage, full-service deli, conference facilities and executive fitness center.
KBS represented itself in the purchase, which is one of the largest acquisitions in Texas this year. Gary Carr and Russell Ingrum of CB Richard Ellis represented the seller in the transaction that closed March 31.
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Newport Beach-based KBS Realty Advisors, one of the nation’s leading commercial real estate investment advisors, continues to build its portfolio of Class-A office properties in Texas with the purchase of Providence Towers, 504,732-square-foot, 12-story office tower in the Far North Dallas Tollway submarket of Dallas. “The addition of Providence Towers to our portfolio further enhances our long term commitment to the Tollway submarket,” says Bill Rogalla, KBS senior vice president. “Providence is a landmark quality asset which will perform well as the economy recovers in the coming years.” Considered a prestigious, trophy-caliber property, Providence Towers features polished red granite exteriors and an impressive nine-story entrance arch that splits the building into identical east and west towers. Amenities include a five-story underground garage, full-service deli, conference facilities and executive fitness center. KBS represented itself in the purchase, which is one of the largest acquisitions in Texas this year. Gary Carr and Russell Ingrum of CB Richard Ellis represented the seller in the transaction that closed March 31. NEXT PAGE >> Related headlines Irvine’s CALC subsidiaries move to erase debt Aliso Viejo’s Shea Properties named superior in national awards "OC METRO Minute," March 31: CSU Fullerton, Lennar extend former El Toro Marine Base lease Irvine's LPA debuts Santa Ana College's new building Irvine's Fisher & Phillips grows into new digs New apartment complex opens in Anaheim’s Platinum Triangle |
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