Skip to content
Learn How KBS is Creating Safe Work Environments
kbs logo
  • Investors
    • KBS Capital Markets Group
  • Properties
  • News & Insights
  • About Us
  • Contact

    Our Offices

    Corporate Headquarters

    800 Newport Center Drive, Suite 700
    Newport Beach, CA 92660

    (949) 417-6500

    info@kbs.com

    Washington DC Office

    3003 Washington Boulevard, Suite 950
    Arlington, VA 22201

    (202) 822-1230

    Facebook-f Twitter Linkedin-in Instagram
    Corporate Headquarters
    800 Newport Center Dr., Suite 700 Newport Beach, CA 92660
    info@kbs.com
    (949) 417-6500
    New York Office
    590 Madison Avenue, 26th Floor New York, NY 10022
    (212) 644-6662
    Washington, DC Office
    3003 Washington Boulevard, Suite 950, Arlington, VA 22201
    (202) 822-1230
    Contact Us
    KBS is an SEC-registered full-service investment adviser adept in various property and product types.
Learn How KBS is Creating Safe Work Environments
kbs logo
ArtboardCreated with Sketch.
Press Releases

KBS Signs Over 40,000 Square Feet in Leasing with JP Morgan Chase at Preston Commons

  • February 26, 2019
Press Releases

KBS Signs Over 40,000 Square Feet in Leasing with JP Morgan Chase at Preston Commons

  • February 26, 2019
DALLAS (Feb. 26, 2019) – KBS, based in Newport Beach, California, announced today the signing of 41,906 square feet in renewal leases with JP Morgan Chase Bank at Preston Commons in Dallas. The property is owned by KBS Real Estate Investment Trust III.

 “We are extremely pleased to renew Chase Bank. They’ve been a tenant in this project going back decades and their continued occupancy speaks volumes about the attractiveness and locational attributes of Preston Commons,” said Rodney Richerson, regional vice president for KBS. “KBS is in the final design phase of a $15 million renovation of the project that will include complete lobby renovations, fitness center, large conference facilities and significant outdoor amenity space. We believe these changes will help keep Preston Center as one of the top office addresses in the sub-market.”

Preston Commons, a three-building, Class A office park is comprised of a bank building and two towers, totaling 427,799 square feet of rentable space. The property is a recipient of the 2015 Office Building of the Year award in the Renovated Building category from the Building Owners and Managers Association. In addition to carrying an investment-grade tenant list, two of the buildings are also LEED-EB certified for their environmental sustainability. Onsite amenities at the property include an outdoor patio, fitness center and an upscale bar and grill.

Located between Dallas North Tollway and Highway 75, Preston Commons is at the heart of the Preston Center submarket. The property is in close proximity to both DFW and Dallas Love Field airports, providing tenants easy accessibility. The Preston Center submarket is considered a leader for occupancy and rental rates in Dallas. The property’s location is also near some of Dallas’ most prestigious residential neighborhoods, offering a variety of high-end shopping and dining experiences at locally-owned boutiques and luxury shops nearby.

Dallas-Fort Worth continues to remain a stable office market. According to Cushman & Wakefield’s Dallas/Fort Worth office Q4 2018 report, major submarkets in the region saw occupancy growth. Cushman & Wakefield predicts deal activity will remain strong.

“Preston Commons is a key property in the KBS REIT III portfolio due to its prime location in the Preston Center submarket,” said Brett Merz, senior vice president for KBS and asset manager for the property. “The property offers tenants easy accessibility to one of the most sought-after business hubs in the Dallas area.”

Russell Cosby and Torrey Littlejohn of JLL represented JP Morgan Chase Bank 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 Preston Commons and of the Dallas 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 Preston Commons’ 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 Manger
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:
See All
Our Company
  • Investors
  • Properties
  • News & Insights
  • About KBS
Resources
  • Premier Office Magazine
Get in Touch
Facebook-f Twitter Linkedin-in Instagram
  • Careers

© 2023 KBS

  • Terms & Conditions
  • Privacy Policy
  • Home
Investors
  • KBS Capital Markets Group
  • Properties
  • News & Insights
  • About Us
Contact Us
  • Corporate Headquarters
  • New York Office
  • Washington, DC Office