KBS Real Estate Investment Trust III Inc. agreed to purchase The Tower on Lake Carolyn, a 364,366-square-foot office building in Irving, TX, for approximately $127 per square foot or $46.3 million. The buyer plans to fund the acquisition with proceeds from an offering and existing credit facilities.
CBRE Global Investors acquired the asset in April 2005.
Built in 1998 and renovated in 2007, the Tower is 20 stories on 3.5 acres at 909 Lake Carolyn Parkway. It is about 12 miles northwest of Dallas. The LEED certified property is 83 percent occupied by 42 companies. Usability Sciences Corp. and Matheson Tri-Gas anchor the tenant roster.
KBS REIT III is a non-traded real estate investment trust that invests in and manages commercial real estate properties and real estate-related debt assets across the United States.
CBRE Global Investors, an independently operated affiliate of CBRE Group (NYSE:CBG
), is a property investment management firm with $90.4 billion in assets under management since Sept. 30, 2012.