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Press Releases

KBS Announces the Sale of Parkwood Place in Plano, Texas

  • February 13, 2019
Press Releases

KBS Announces the Sale of Parkwood Place in Plano, Texas

  • February 13, 2019
PLANO, Texas (Feb. 13, 2019) – KBS based in Newport Beach, California, announced today the sale of Parkwood Place, a Class A office property located in Plano, Texas.

“Parkwood has been a great performing asset for KBS over the last 12 years, with a strong, average occupancy of over 91 percent that exceeded market averages during the economic downturn of 2008 to 2011,” said Rodney Richerson, Western Regional President for KBS. “This asset has and should continue to perform well for the new owner going forward. KBS continues to be a big believer in the Plano/Legacy sub-market of Dallas.”

Parkwood Place is a two-story office building offering 98,750 square feet of rentable space. Tenants of the building enjoy a tenant lounge, conference facility and ample parking spaces.

The building is within Plano’s exclusive Legacy submarket and in close proximity to retail, lodging and dining options. The property is also close to major transportation routes including the Dallas North and San Rayburn tollways, and the Addison Airport.

According to CBRE’s Dallas/Fort Worth Office MarketView Q4 2018 report, the Dallas Fort Worth region maintained solid job growth and office vacancy rates remained flat.

“Parkwood Place embodies an ideal location for tenants looking for a place to collaborate and prosper,” said Brett Merz, senior vice president at KBS and asset manager for the property. “We are excited for the new owners of the property, and hope they continue to enjoy the strength within the Plano submarket.”

Robert Hill, Gary Carr and John Alvarado of CBRE represented KBS in the transaction.

Media Contact

Ginny Walker

KBS PR Manager
949-417-6535
gwalker@kbs.com

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Envisioning the Future of the Built Environment

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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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