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Press Releases

KBS Brings 18-Story Class A Office Tower in Dallas, Texas to 100% Occupancy with Six New Leases, totaling over 16,000 SF

  • March 2, 2021
Press Releases

KBS Brings 18-Story Class A Office Tower in Dallas, Texas to 100% Occupancy with Six New Leases, totaling over 16,000 SF

  • March 2, 2021
  • Lease transactions include five new leases and one lease expansion, covering two spec suites and a ground-floor café concept new to the Dallas market
  • Leases demonstrate office users’ robust appetite for high-quality space in key growth markets despite the pandemic

KBS, one of the largest investors in premier commercial real estate in the nation, has signed lease agreements with six tenants at Highland Park Place, an 18-story Class A office tower in Dallas, Texas.

The culmination of these transactions brought the property to 100% occupancy and included five new leases and one lease expansion. In addition, it covered two spec suites and a ground-floor café concept new to the Dallas market.

“KBS has a long history of identifying assets with strong income potential located in the epicenter of key growth markets throughout the country, including Dallas,” says Giovanni (Gio) Cordoves, Western regional president for KBS. “The leases completely fill the building’s remaining rentable square footage and demonstrate office users’ ongoing healthy appetite for high quality space even in the midst of the current pandemic.”

Highland Park Place is a 164,011 square-foot office building located at a premier business address in Dallas’ vibrant Knox Henderson District, in close proximity to an eclectic mix of retail, dining and entertainment options, says Brett Merz, asset manager for Highland Park Place and senior vice president at KBS.

“Highland Park Place offers a wealth of first-class on-site amenities including management, an on-site carwash/detail service, an energy management system, free bike sharing, a property smartphone app, conference center/boardroom, shower/locker rooms, express shipping service, high-speed internet, and a U.S. postal office. There is also a grocery store, fitness center and a major university nearby. Tenants have everything at their fingertips so they can work, eat, shop, exercise and relax, all within the neighborhood.”

KBS has signed transactions with the following tenants at Highland Park Place:

  • A Private Advisory Firm – a 5,109 square-foot new lease; the tenant was represented by Rich Flaten and John Ellerman with CBRE
  • iDesign– a 2,829 square-foot new lease
  • A Construction Company – an extension of their 2,340 square-foot space and an expansion of 1,468 square-feet; the tenant was represented by Kim Lyon and Scott Hobbs with Cushman & Wakefield
  • Fairgrounds Coffee and Tea– a 2,176 square-foot retail lease; the tenant was represented by Todd Siegel with CBRE
  • Greystone Servicing Company – a 1,782 square-foot new lease; the tenant was represented by Renee Castillo with CBRE
  • Willowood Group – a 1,071 square-foot new lease; the tenant was represented by Justin Utay with NAI Robert Lynn

The new leases for iDesign and Willowood Group are part of a successful progressive spec-suite program that KBS introduced to help facilitate leasing transactions and allow tenants to customize their space at its properties, according to Cordoves.

Fairgrounds Coffee & Tea is not your average coffee shop, the one-of-its-kind cafe destination is all about choice. The company offers a dozen craft coffee roasters from across the country, such as Verve, Stumptown and Colectivo all under one roof. In the Fairgrounds world, tea is treated with the same emphasis as coffee, with options including matcha whisked to order, healthy, colorful elixirs and 15+ tea varietals, served hot or iced. In addition, the concept boasts a chef-driven food menu, offering house made breakfast and lunch options, in addition to various snacks and a grab and go market. The café will be adorned with beautiful Pothos plants, caramel-colored booths, and vintage fair decor is expected to seat approx. 90 people and will have a large outdoor patio, perfect for al fresco dining, according to Merz.

“We are thrilled to bring an entirely new café concept to the Dallas area,” says Merz. “The new lease with Fairgrounds Coffee & Tea at this premier asset represents a win-win for KBS, our tenants and the entire Highland Park area. We look forward to working with them on build-out services for Fairgrounds’ new space as they create a fresh presence for tenants and the surrounding community.”

Trey Smith, executive vice president, and Lauren Napper, senior vice president at CBRE, represented KBS in the new lease transactions.

“The exclusive location, superior amenities, and high-quality management at Highland Park Place position it as an extremely desirable property for office users in the Dallas market,” says Napper. “Companies are drawn to this asset for its ability to help them attract and retain top talent in this market, and they stay for the excellent services that KBS provides.”

According to CBRE, in November 2020, Dallas marked its seventh consecutive month of job gains since the onset of the recovery, according to the Dallas Fed. The same report shows the Dallas/Fort Worth market outpacing Texas and the U.S. in employment growth. This data positions the market for continued growth once the pandemic is over.

Highland Park Place is located at 4514 Cole Avenue in Dallas, Texas. Please find photos of Highland Park Place here.

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

More Articles

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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