The buildings’ benefit from an excellent location near the heart of the Las Colinas market, which is a business and residential community centrally located between Dallas and Fort Worth. The greater Las Colinas area is home to more than 90,000 residents and includes upscale residencies, apartment complexes, recreational facilities, dining and city parks. Las Colinas provides diverse office space for many Fortune 500 companies and a professional job base.
The buildings’ will also benefit from being immediately adjacent to the new Gables Water Street mixed-use development as well as the Irving Music Factory, both of which will include new retail, restaurant and entertainment amenities. A diverse and stable tenant roster currently leases space in the office towers, with companies in financial services, health care, global packaging and strategic regional HQ offices.
“We look forward to expanding KBS’ footprint in Texas with the acquisition of this property,” said David Moore, senior vice president and asset manager for KBS Strategic Opportunity REIT. “We anticipate the key drivers of this property are the excellent location, walkable amenities and leasing opportunity. Texas and the DFW metroplex are national leaders in population and employment growth. We believe the thriving economy and job base, combined with its quality life style and cost of living make it an ideal location to recruit top talent.”
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 KBS Strategic Opportunity REIT’s ability to invest in and manage a diverse portfolio, the performance of 125 East John Carpenter and 5100 North O’Connor and the performance of the Irving real estate market. These statements are subject to known and unknown risks and other factors which may cause KBS Strategic Opportunity REIT’s and/or 125 East John Carpenter and 5100 North O’Connor actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.