A California-based investor has purchased two Las Colinas office buildings.

KBS Strategic Opportunity REIT acquired the 18-story 125 East John Carpenter tower and an adjoining 6-story building.

The buildings — developed in the 1980s — have 442,039 square feet of office space and are 84 percent leased.

Located in the Las Colinas Urban Center, the tower was originally built for Caltex Petroleum.

The office properties are located near the new Water Street mixed-use project with retail, restaurants and apartments.

“We look forward to expanding KBS’ footprint in Texas with the acquisition of this property,” David Moore, senior vice president and asset manager for KBS Strategic Opportunity REIT, said in a statement. “We believe the thriving economy and job base, combined with its quality lifestyle and cost of living make it an ideal location to recruit top talent.”

The purchase is one of several property trades in Las Colinas so far in 2017.

American Fidelity Assurance recently purchased the Granite Plaza building at 7301 N. State Highway 161 in Irving.

And a Houston investor early this year acquired the Fairway Centre complex at 300 Decker Drive in Irving.


Presented by Dallas Morning News, October 2, 2017

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