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.