ADDISON, TX-A little more than five years after acquiring the 351,683-square-foot Millennium Tower, KBS Realty Advisors wants to sell it. To that end, the Newport Beach, CA REIT has tapped CBRE to market and negotiate the transaction of the class AA property in the North Dallas submarket known as the Platinum Corridor.
Located at 15455 N. Dallas Pkwy., Millennium Tower has a projected December 2013 occupancy rate of 97.6%. Tenants include energy company Dresser Inc, a subsidiary of General Electric; Life Insurance Company of the Southwest, a subsidiary of National Life Insurance Company; Comsys, a subsidiary of ManpowerGroup; and the award-winning residential builder Grand Homes.
CBRE's Gary Carr (who helped sell the building to KBS in 2008) will team with colleagues John Alvarado, Eric Mackey and Robert Hill on behalf of the seller.
The property earned the US Environmental Protection Agency's ENERGY STAR® label in 2007 and 2011-2013. It has recently benefited from approximately $1.6 million in capital improvements, including the addition of a fully equipped fitness center, modern conference facility and tenant lounge.
According to an article on GlobeSt.com. KBS acquired the property in 2008 from Deutsche Asset & Wealth Management (formerly known as Rreef North America). At the time, it was reported that the building traded for close to $200 per square foot. The property, at the time, was 87% occupied.
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