FOR IMMEDIATE RELEASE
Manager, Communications & Media
CBRE ARRANGES 28,231 SQUARE FEET OF LEASES FOR KBS REIT III-OWNED LEGACY TOWN CENTER
DALLAS, TEXAS, November 30, 2012 — CBRE, on behalf of the owner, KBS Real Estate Investment Trust III (KBS REIT III), has closed 28,231 square feet in office leases in Legacy Town Center, which has the project currently at 91.1% leased. The leases have all been signed since CBRE took over the leasing and management in April.
Legacy Town Center, which was acquired by KBS REIT III in March 2012, is a 522,043-square-foot, three-building office complex in Plano, 18 miles north of downtown Dallas and is adjacent to the Dallas North Tollway and SH121.
"In addition to the amplified leasing activity during this six-month period, the rates have exceeded expectations and have continued to increase," said Celeste Fowden, First Vice President with CBRE Dallas. "The recent interest in the Legacy submarket will drive first time users to the market and the property will continue to lease up."
"Legacy Town Center's one-of-a-kind proximity to an amenity rich, compact and walkable neighborhood makes it a really special location. It's a great fit for companies who are passionate about creating a high-quality work environment," said Ken Robertson, Senior Vice President of KBS Asset Management.
KBS REIT III was represented by Celeste Fowden, Burson Holman and Dennis Barnes with CBRE in Dallas, in the following transactions:
Legacy Town Center I
Legacy Town Center II
Partners, Inc. Dallas represented the tenant.
"KBS REIT III has provided the tenants of Legacy Town Center a well-located, quality office environment with first-class amenities. The recent uptick in activity is a tribute to KBS for taking such good care of the buildings and the tenants looking for space," added Burson Holman, First Vice President with CBRE Dallas.
Legacy Town Center I, II & III's offers a high-profile position at the Shops of Legacy, which has 30 restaurants, 52 retail establishments, 2 fitness clubs and is within walking distance from urban-style residences. The three office buildings are complemented by upgraded lobbies with new furniture, artwork, doors, signage and the buildings provide tenants with a shuttle service, a conference center, a tenant WiFi lounge and new monument signs.
"We've been thrilled at the wide range of interesting, cutting edge companies, which have been attracted to our Legacy location. Great companies want to be in a great, well-operated location – it's a trend we expect will continue," added Robertson.
In addition to leasing the property, Amanda Osterkamp with CBRE serves as property manager.
KBS and affiliated companies own 15 properties in the Dallas-Fort Worth Metroplex, for a total of more than 4.9 million square feet.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management;mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
KBS Capital Advisors is an affiliate of KBS Realty Advisors, which is a private equity real estate company and SEC-registered investment advisor founded by Peter Bren and Charles Schreiber, Jr. Since 1992, KBS Realty Advisors and its affiliated companies have completed transactional activity of approximately $25 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbsrealty.com.