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Press Releases

D&M Renews Lease for Nearly 70,000 SF at Providence Towers

  • July 12, 2021
Press Releases

D&M Renews Lease for Nearly 70,000 SF at Providence Towers

  • July 12, 2021
KBS & Transwestern secure petroleum consulting firm for multi-year extension in Dallas

Transwestern Real Estate Services (TRS) and KBS, one of the largest investors in commercial real estate, announce that DeGolyer and MacNaughton (D&M), a long-standing international petroleum consulting company, has signed a long-term lease extension for 65,543 square feet at Providence Towers at 5001 Spring Valley Road. The company will continue to occupy floors seven through nine in the East Tower, with the space also serving as the company’s headquarters. Transwestern’s Kim Brooks, Justin Miller and Scott Walker represented KBS in the negotiations. CBRE’s Jeff Ellerman and John Ellerman represented D&M.

“We are proud to have retained such a high-profile tenant in this beautifully designed building,” said Brooks. “With best-in-class amenities and proximity to the tollway, D&M will continue to enjoy all the benefits of the space for years to come.”

This transaction highlights the ongoing demand for upscale office space in strong desirable locations throughout the Dallas market, according to Gio Cordoves, Western regional president for KBS.

“KBS has a successful track record of identifying opportunities in growth markets. Using our active asset management strategy, we are able to target the very best properties in those markets,” says Cordoves. “Dallas has demonstrated remarkable economic resiliency during the pandemic and is expected to grow exponentially in the coming years. Providence Towers, a premier asset located at one of the most prestigious business addresses in this market, continues to draw in and retain top-quality tenants.”

The Class A office property’s amenities include a wine lounge, putting green, full-service car detail service, concierge and fitness center. In 2021, the property underwent a multi-million-dollar renovation to upgrade the on-site café and deli. The renovated space includes a lounge with a fireplace, collaborative working space, pool tables, shuffleboard, a private dining room and outdoor seating.

The lease renewal agreement speaks to the property’s prime location, in-demand amenities and easy access to the Dallas area, according to Brett Merz, asset manager for Providence Towers and senior vice president of KBS.

“Known as the jewel of the platinum corridor, Providence Towers is one of the most recognizable buildings in the area with its iconic structure and grand archway,” says Merz. “The property offers an upscale business environment and an envious suite of amenities to satisfy the most discerning of companies. It is not surprising that a prominent global firm like D&M would opt to stay for the long term.”

Established in Dallas in 1936, D&M operates offices around the globe providing a wide range of petroleum consulting services to clients worldwide.  

KBS also owns several other Class A properties in the Dallas market, including office assets 3811 Turtle Creek, Highland Park Place, Preston Commons and Sterling Plaza and residential asset Novē at Knox.

Please click here for photos of Providence Towers.

Media Contact

Lexi Astfalk or Jenn Quader

Brower Group
(949) 438-6262
KBS@brower-group.com

Ginny Walker

Public Relations Manager for KBS
949-417-6535
gwalker@kbs.com

Collin Burwinkel

Transwestern Media
972-774-2531
collin.burwinkel@transwestern.com

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Industry Trends

Underwriting the Perceived Instability of Short-Term Office Leases

  • February 16, 2021
The threat of shorter office lease terms has been looming over the commercial real estate industry for several years. Companies first braced for the potential impact of new standards from the International Accounting Standards Board (IASB) recognizing all leases on the balance sheet, which took effect in January 2019. Then, the office leasing world was hit with additional challenges from COVID-19 as many companies opted to work from home and re-evaluated the role of their physical office space.
Industry Trends Insights

Envisioning the Future of the Built Environment

  • January 29, 2021
Amidst the ongoing crisis, built environments are at the front lines of change and will play a huge role in creating a more resilient world going forward. Office architects are re-envisioning the future of the workplace—where and how we work. Unfortunately, there is no crystal ball to predict exactly what the new future-oriented office will look like, but what we do know is flexibility and adaptability will be key in resilient design.
Industry Trends

Why Texas is becoming a commercial real estate powerhouse

  • January 21, 2021
It looks like 2021 will be another big year for Texas, a year when a lot of major companies will make the jump and move to the Lone Star state. Just look at these transitions:
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