Unprecedented Office Demand
As office space gets gobbled up, finding full floors is harder, triggering owners to snap up entire buildings. It's one of the few reasons why we're excited to bring you the DFW Office: Everything You Need to Know event on Nov. 18 (7:30am) at Providence Towers. You can register here.
KBS Realty Advisors VP Ryan McManigal (right, with his oldest brother, John), who will be a panelist at the event, tells us the latest acquisition is the 295k SF Class-A 3811 Turtle Creek; purchased from MetLife. Ryan says the building is rich in amenities because of its proximity to Highland Park, as well as being next door to Turtle Creek Village (which is being renovated). KBS is fully renovating the lobby and common areas to make it more competitive with its Uptown neighbors. (It’s 80% occupied.) It’s the 10th Class-A office building in the KBS Dallas portfolio, which is up to about 3.5M SF of office space here.
KBS is hosting our DFW Office: Everything You Need to Know event in one of two full floors of vacant space (third and fifth floors) available at Providence Towers. The two towers are 88% leased but have the available floors that were left when Time Warner relocated. The space Henry S Miller left when it moved has been backfilled by Panda Energy. Full floors are hard to find, Ryan says, but these spaces have the extra benefit of the building’s location off the lower Tollway, just one exit from LBJ. Once LBJ is completed, it opens up access to anywhere in Dallas, he says.
Providence Towers underwent major renovations in the past few years, including the addition of a wine bar and putting green. This year, the gym will be redone, too, he says. Transwestern leases and manages the building. When you see Ryan at our DFW Office: Everything You Need to Know event (on Nov. 18 at 7:30 am at Providence Towers), you can ask him about his latest triathalon or what it’s like to be one of six brothers. You can register here.