SAN ANTONIO, Texas (January 8, 2024) – KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, announces that it has signed a new 44,258 square-foot lease agreement with Wells Fargo at City View, bringing the 221,373 square-foot Class A office building in San Antonio, Texas to 96% leased.
The transaction demonstrates the appeal of well- located premier office properties in key markets, according to Giovanni Cordoves, Regional Rresident, Western U.S.
“While challenges in the general economy and areas of the office sector persist across the country and in San Antonio, KBS is observing positive signs in the area,”
says Cordoves. “The region boasts a diverse economy that is balanced among major industries such as higher education, health & bioscience, information technology & cybersecurity, government and financial activities. San Antonio’s vacancy rate and asking rent is lower than all Texas markets and the national average for office product. City View is ideally situated in this market to attract top office-using companies.”
Built in 1986, City View is a 10-story office building with an additional partially below-grade ground floor and a five-level parking structure. The property, with its outstanding location at the corner of Interstate 10 and Huebner in northwest San Antonio, offers direct access to several major area highways including Loop 1604 and Loop
410. City View is also close to many of the area’s largest employers as well as premier residential areas including Bentley Manor, Huntington, Inverness, Shavano Park and The Dominion, notes Brett Merz, asset manager for City View and senior vice president of KBS.
“City View tenants appreciate that they can work at one of the finest office properties in the market and drive to San Antonio International Airport, San Antonio Downtown and the Riverwalk, the Shops at La Cantera and the University of Texas Health Science Center in 15 minutes or less,” says Merz. “With world-class on-site amenities including a fitness center, a state of the art conference center and bike storage, this property offers everything today’s companies are looking for in a San Antonio office building.”
Lindsey Tucker, partner with Partners Real Estate represented KBS in the lease transaction. Mark McGranahan, principal with Avison Young and Steve Garza, partner with Partners Real Estate represented Wells Fargo.
“City View is a UL Verified Healthy Building for Indoor Air, is Energy Star certified, and has achieved Wiredscore Gold status, which makes a meaningful difference for tenants who are increasingly focused on sustainability,” says Tucker. “The fact that City View is also located near transportation, shopping, dining and entertainment adds to its allure for San Antonio companies.”
While multiple Wells Fargo business groups will join the bank’s Wealth Investment & Management (WIM) group at the new location in 2024, WIM will not move until the end of next year, according to John McCauley, Wells Fargo Advisors Managing Director for South Texas.
“We could not ask for a more ideal workspace than our new offices at City View,” says McCauley. “With its central location, top-shelf amenities, and KBS’ excellent service, this building delivers everything our team needs to be successful in the years ahead.”
Please find photos of the property here.
