KBS & Transwestern Secure Petroleum Consulting Firms Multi-Year Extension
July 08, 2021
Dallas – Transwestern Real Estate Services (TRS) and KBS, one of the largest investors in commercial real estate, announce that DeGolyer and MacNaughton (D&M), a long-standing international petroleum consulting company, has signed a long-term lease extension for 65,543 square feet at Providence Towers at 5001 Spring Valley Road. The company will continue to occupy floors seven through nine in the East Tower, with the space also serving as the company’s headquarters. Transwestern’s Kim Brooks, Justin Miller and Scott Walker represented KBS in the negotiations. CBRE’s Jeff Ellerman and John Ellerman represented D&M.
“We are proud to have retained such a high-profile tenant in this beautifully designed building,” said Brooks. “With best-in-class amenities and proximity to the tollway, D&M will continue to enjoy all the benefits of the space for years to come.”
This transaction highlights the ongoing demand for upscale office space in strong desirable locations throughout the Dallas market, according to Gio Cordoves, Western regional president for KBS.
“KBS has a successful track record of identifying opportunities in growth markets. Using our active asset management strategy, we are able to target the very best properties in those markets,” said Cordoves. “Dallas has demonstrated remarkable economic resiliency during the pandemic and is expected to grow exponentially in the coming years. Providence Towers, a premier asset located at one of the most prestigious business addresses in this market, continues to draw in and retain top-quality tenants.”
The Class A office property’s amenities include a wine lounge, putting green, full-service car detail service, concierge and fitness center. In 2021, the property underwent a multi-million-dollar renovation to upgrade the on-site café and deli. The renovated space includes a lounge with a fireplace, collaborative working space, pool tables, shuffleboard, a private dining room and outdoor seating.
The lease renewal agreement speaks to the property’s prime location, in-demand amenities and easy access to the Dallas area, according to Brett Merz, asset manager for Providence Towers and senior vice president of KBS.
“Known as the jewel of the platinum corridor, Providence Towers is one of the most recognizable buildings in the area with its iconic structure and grand archway,” said Merz. “The property offers an upscale business environment and an envious suite of amenities to satisfy the most discerning of companies. It is not surprising that a prominent global firm like D&M would opt to stay for the long term.”
Established in Dallas in 1936, D&M operates offices around the globe providing a wide range of petroleum consulting services to clients worldwide.
KBS also owns several other Class A properties in the Dallas market, including office assets 3811 Turtle Creek, Highland Park Place, Preston Commons and Sterling Plaza and residential asset Nov at Knox.
Please click here for photos of Providence Towers.
KBS is one of the largest investors of premier commercial real estate in the nation. As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of more than $43 billion on behalf of private and institutional investors globally. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country. The firm is committed in its business ethics, its business relationships and its constant focus on exceeding the expectations of its investors, partners and tenants. SEC registration as an investment advisor does not imply any particular level of skill or training. For more information on KBS, please visit www.kbs.com.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to KBS’ ability to invest in and manage a diverse portfolio, and the performance of Providence Towers and of the Dallas, Texas real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS’ and/or Providence Towers’ actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics. The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 33 U.S. offices and global alliances with BNP Paribas Real Estate and ENCOR Advisors. Learn more at transwestern.com and @Transwestern.