“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.