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Press Releases

KBS Signs Over 36,000 Square Feet in Leases at Legacy Town Center in Texas

  • March 27, 2019
Press Releases

KBS Signs Over 36,000 Square Feet in Leases at Legacy Town Center in Texas

  • March 27, 2019
PLANO, Texas (Mar. 27, 2019) – KBS, based in Newport Beach, California, announced today the signing of 36,419 square feet in leasing at Legacy Town Center in Plano. GoransonBain Ausley, a 20- year-old law firm specializing in family and divorce law, has finalized a long-term renewal and is relocating within Legacy Town Center to a 9,286- square-foot suite. Additionally, Toyota Motor Credit Corporation, a provider of finance and insurance products to authorized Toyota and Lexus dealers, expanded its lease by 27,133 square feet, and now holds a total of 54,266 square feet at Legacy Town Center III. The property is owned by KBS Real Estate Investment Trust III.

Legacy Town Center I-III are three Class A office properties within Legacy Business Park, Dallas-Fort Worth’s premier business park. Legacy Business Park is home to numerous corporate and regional headquarters of Fortune 500 and 1000 companies. Totaling over 522,000 square feet of rentable space, Legacy Town Center IIII are detailed with granite-accented exteriors and lobbies appointed with granite and wood finishes. With ten-foot ceiling designs, the properties offer scenic views of Legacy Town Center and Dallas North Tollway, where over 200,000 commuters pass each day.

Located on Dallas Parkway along the Dallas North Tollway, Legacy Town Center is easily accessible by Tennyson Parkway and Dallas North Tollway. Legacy Town Center I and II were completed in 2002 and building III was completed in 2006. All three properties have earned WireScore Gold and Energy Star designations for their energy-efficiency and top performing capabilities. The property’s rent roll is comprised of a well-diversified mix of 50 tenants, reflective of industries experiencing growth in both Dallas and nationwide.

Legacy Business Park, a prominent retail, business and residential community of Plano, Texas, is a vibrant, pedestrian-oriented mixed-use community. Tenants at the property are within walking distance from The Shops at Legacy, an award-winning retail, dining and entertainment center. With an estimated draw of four million annual visitors, Legacy Town Center’s retail center is one of Legacy’s superior offering amenities, featuring a boutique cinema, sidewalk cafes, restaurants and a variety of boutique shops. Lululemon Athletica, Urban Outfitters, Starbucks Coffee and Cold Stone Creamery are a sampling of the top shopping, dining and entertainment offerings in the complex.

According to Cushman & Wakefield’s Q4 2018 Office report, the Dallas-Fort Worth market experienced a healthy finish to 2018. The population in the region increased an estimated 141,000 year-over-year, reaching a total of 7.6 million residents through the end of December 2018.

“Legacy Town Center is situated in a unique and desirable location in Plano,” said Brett Merz, senior vice president for KBS and asset manager for the property. “We are eager to strengthen our relationship with GoransonBain Ausley and Toyota and hope they will continue to enjoy the numerous amenities that Legacy Town Center has to offer.”

Bill McClung of Cushman & Wakefield represented GoransonBain Ausley, Alan Wood and Wade Clark of JLL represented Toyota Motor Credit Corporation and Dennis Barnes, Jackie Marshall and Alexandra Cullins of CBRE represented KBS in the transaction.

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended including statements relating to KBS REIT III’s ability to invest in and manage a diverse portfolio, and the performance of Legacy Town Center and of the Plano real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS REIT III’s and/or Legacy Town Center’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Media Contact

Ginny Walker

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

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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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