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KBS Parts With $65M for Class A Office Complex

HOUSTON-The Newport Beach, CA buyer gets the 95%-leased One and Two Eldridge Place, a 519,746-sf asset with a four-acre tract that's the subject of talks with extended-stay hotel developers. The purchase signals the start of KBS Realty's new focus on town.

By Jennifer Brenner Andrade | Updated on December 15, 2003

HOUSTON-The Newport Beach, CA-based KBS Realty Advisors has paid about $65 million to add a pair of class A office buildings to its 4.1-million-sf portfolio in the city. The purchase includes four acres, now the subject of talks with extended-stay hotel developers.

Rodney Richerson, senior vice president of KBS Realty, tells GlobeSt.com that the plan is to add “larger and better properties” in the coming years and dispose of smaller holdings around town. He says the firm has made “a few offers” on other local properties, but nothing is under contract at this time.

The just-purchased buildings are One and Two Eldridge Place at 757 and 777 N. Eldridge Parkway, respectively. The deal closed with financing arranged by LJ Melody & Co. through Northwestern Mutual. A team of senior directors, Ken Page and David Chuoke, in the local office of Cushman & Wakefield of Texas Inc. represented the seller, the Brookdale Group of Atlanta.

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