News RELEASE

McDonald's Re-Ups Regional HQ Pact

Houston, TX, June 4, 2003: McDonald’s Corp. has renewed a 17,934-sf office lease with a seven-year term for Cornerstone Towers in Houston’s far northwest submarket. On the West Side, a medical records business took 5,777 sf of class B office space.

The Oakbrooke, IL-based burger giant has had its regional headquarters in 3707 Fm 1960 West since 1983. Garrold Parratt of Dallas-based Staubach Co.’s Houston office represented McDonald’s.

A contact for the building owner tells GlobeSt.com that McDonald’s decided to stay in the same amount of office space at Cornerstone Towers because its customers and employee base dictates a Northwest Houston location; the building provides good access to all areas of the metroplex; and the long-term lease offered by Koll Bren Schreiber was a good value. The five-story, 71,008-sf Cornerstone Towers is 86% leased, with an asking rent of $15 per sf. Wanda Wilson and Marci Phillips, a Houston-based PM Realty Group team, represented the building owner.

On the west side of town, Houston Medical Records leased 5,777 sf of class B space in Norfolk Tower at 2211 Norfolk St. Michael Batts of Houston’s McCord Development represented the building owner, Property Texas SC One Corp. Gary Pfeffer of Strategic Office Solutions in Houston brokered the terms for the tenant.

Headquartered in Newport Beach, CA, KBS Realty Advisors is a premier investment management firm specializing in real estate investments on behalf of select private and public pension fund, endowment and foundation partners. Founded in 1992, KBS has invested in excess of $4.5 billion on behalf of its clients. KBS specializes in purchasing and repositioning under-performing real estate and real-estate related assets in the United States.