Foster says there is some minor lease rollover coming due before the year ends, but basically the roster is "very stable" for the long haul. "There is not a lot of rollover. That's one of the things that attracted us to the building," he says. "And, it's got blue chip companies in the building." The sweet spot to that is they generally renew and often expand, he adds. The asset's chief space-takers are Dresser Inc., SAS Institute, UnumProvident Corp. and HBO TimeWarner. It's also the regional headquarters office for Cushman & Wakefield of Texas Inc.

"We want to perpetuate what's there, take good care of it and maintain the occupancy in the building," Foster says. Right now, the plan is a five or six-year hold.

The close was made with cash and debt although details weren't readily available. Most often, KBS REIT opts for 55% to 60% leverage. CB Richard Ellis' Gary Carr and Russell Ingrum, executive managing directors in Dallas, sold the nine-year-old asset for Rreef. Bargaining for the REIT was Bill Rogalla, senior vice president and acquisitions officer.

Millennium Tower pushes KBS Realty Advisors to 2.85 million sf of class A and class AA office space in Dallas. Foster says there are no more contracts in hand, but the REIT is far from being done with its selective shopping, in which quality and stability are chief criteria for the chase. "We know the kind of buildings we want to own. There's only a certain slate that fits our investment criteria," he says.

Foster says he isn't finding the market to be slow, particularly since KBS has banked two major acquisitions in two months. Plus, he points out there are buying opportunities rolling in steadily for the REIT's team to review. "We're still continuing to see investors bring buildings to market," he says. "It's a healthy market and we anticipate it will remain healthy. And, we certainly look forward to more acquisitions in Dallas this year."