KBS REIT III Renews Lease with Global Consultancy Firm
KBS Real Estate Investment Trust III (KBS REIT III), the non-traded REIT sponsored by KBS Capital Markets Group, has renewed leases for 10,385 square-feet of office space with current tenant, Odyssey Information Services Inc. in Plano, Texas.
“Retaining a tenant like Odyssey Info Services, a global consultancy, is a great win for Legacy Town Center,” commented Senior Vice President, Ryan McManigal. “We believe the large grounds and convenient, centralized location offers a professional and functional Class A Office space that continues to attract world-class companies.”
The three Class A office buildings are known as Legacy Town Center and are located at 6900-7160 N. Dallas Parkway in Legacy Business Park. It sits next to landscaped grounds, pedestrian sidewalks, full-service hotels, and a number of restaurants.
KBS REIT III acquired the property in March 2012 from North Dallas Town Center LP and Tennyson Development LP for approximately $113.0 million plus closing costs. The three buildings were constructed in 2001, 2002, and 2006.
Celeste Fowden, Dennis Barnes, Burson Holman and Seth Thatcher with CBRE represented KBS REIT III in the lease resigning, while Steve Thelen and Rachel Brown with JLL represented Odyssey Information Services Inc.
KBS REIT III focuses on investing in high quality commercial real estate assets, consisting primarily of Class A office towers in high job growth markets nationwide. As of June 30, 2014, the REIT owned 13 office properties and one first mortgage loan secured by a deed of trust.