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KBS REIT Takes Keys to 353,461-SF Millennium

ADDISON, TX-The REIT closes on the 87%-leased landmark building in North Dallas. The deal's dynamics mirror its win in April when it topped $200 per sf for International Plaza.

By Connie Gore | Updated on June 05, 2008

ADDISON, TX-Grabbing its second class AA deed in North Dallas in months, KBS REIT has closed on the 353,461-sf Millennium Tower. The 87%-leased prized piece of real estate has traded for close to the $200-plus per sf that JPMorgan International Plaza II brought in April.

The 14-story landmark building and six-story parking garage at 15455 N. Dallas Pkwy. have been under San Francisco-based Rreef North America’s control since October 2003. As always, Texas’ confidentiality rule enables the price to be a closely guarded secret, although a good market barometer of the asset’s value is its $70.23-million assessment by Dallas Central Appraisal District.

“The price per sf was very, very similar to International Plaza. There might have been a 1% to 2% difference in the price per sf,” Walter Foster, senior vice president for the Newport Beach, CA-based KBS Realty Trust, tells GlobeSt.com. “But when it came on the market, it was almost identical in terms of pricing, quality and rental rate structure. It was a very reasonable transaction.”

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