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KBS Catapults 351,872-SF Trophy Into Portfolio

DALLAS-KBS Realty crosses the goal line with the 75%-leased JPMorgan International Plaza Tower III from a Fortis-led partnership. Sources say the office sale topped $200 per sf.

By Connie Gore | Updated on April 09, 2008

DALLAS-Getting a prized piece of North Dallas real estate, KBS Realty Advisors has closed on the 351,872-sf JPMorgan International Plaza Tower III. Sources say the class AA office topped $200 per sf at the closing table.

The Newport Beach, CA-based KBS was one of roughly 10 institutional buyers in pursuit of the 13-story building at 14241 Dallas Pkwy. It is the last building that Fortis Property Group owned from a 1.1-million-sf triple play with other New York City-based partners, who split the landmark trio immediately after the closing, with International Plaza Tower III rolling to a Fortis-led partnership with Mizrachi-Alcaly Group.

International Plaza Tower III was nearly empty when Fortis bought it. It was 75% leased when the deed changed hands yesterday. Transwestern Dallas, which leases most of KBS’ Dallas office buildings, will take the leasing reins from locally based Stream Realty Partners LP and management duties from Fortis.

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