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KBS Buys 505,000-SF Providence Towers

DALLAS-The Newport Beach, CA buyer obtains the class A office building, valued at $72 million, from CB Richard Ellis Investors LLC.

By Amy Wolff Sorter | Updated on April 01, 2009

DALLAS-CB Richard Ellis Investors LLC has ended its three-year hold on the 504,732-square-foot Providence Towers, a class A office building in Dallas’ Far North Tollway submarket. KBS Realty Advisors of Newport Beach, CA is the new owner of the 12-story asset.

CB Richard Ellis Investors bought the 23-year-old building on 3.6 acres at 5001 Spring Valley Rd. in 2006 for one of its pension fund partners. During the hold period, the company made a $3 million capital investment for various upgrades and amenities packages. A sales price was not available, but class A suburban office buildings are trading from $150 to $165 per square foot. The Dallas County Appraisal District valued the building at $72 million.

Providence Towers is 87% leased to 47 tenants including Henry S. Miller Commercial, Time Warner Cable, Transwestern Property Co. and Morgan Stanley. “The addition of Providence Towers to our portfolio further enhances our long term commitment to the Tollway submarket,” explained Bill Rogalla, KBS senior vice president in a statement about the transaction. “Providence is a landmark quality asset which will perform well as the economy recovers in the coming years.”

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