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Jones Lang LaSalle secures lease renewal and expansionto bring Parkwood Place occupancy to 88 percent
PLANO, Texas - July 29, 2011 – KBS Realty Advisors of Newport Beach, Calif. has signed a long-term renewal and expansion lease with Optimal Blue for 9,419 square feet at its 98,750-square-foot Parkwood Place office building in the Legacy Park neighborhood of Plano, Texas, 20 miles north of Dallas. KBS-affiliated companies own 13 other properties in Dallas-Fort Worth totaling more than 3.3 million square feet.
Chris Morrow, President of Finely Morrow in Dallas, negotiated the lease on behalf of Optimal Blue. Steve Everbach, Jeff Eckert, James Esquivel and Conor McCarthy of Jones Lang LaSalle in Dallas represented KBS.
A technology firm servicing the mortgage industry, Optimal Blue is headquartered in Plano and has maintained 3,752 square feet in Parkwood Place since 2009. Looking to expand its business, the firm will increase its office space to 9,419 square feet.
The three-story Class A office building at 5601 Democracy Drive is located within Plano’s 2,665-acre master-planned Legacy Park and has convenient access to the Dallas North Tollway and State Highway 121. The 6.56-acre complex features a two-story main lobby with stone veneer, stained wood panels and granite floors.
“Parkwood Place is strategically located in Legacy Park, one of the area’s most vibrant business destinations, and continues to be a sought-after location for growing businesses like Optimal Blue,” said Ken Robertson, Senior Vice President and Asset Manager at KBS. “KBS is dedicated to properties of this caliber that can help tenants thrive.”
About KBSKBS Realty Advisors is a private equity real estate company and SEC-registered investment advisor founded in 1992 by Peter Bren and Chuck Schreiber. Since 1992, KBS-affiliated companies have completed transactional activity of approximately $20 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbsrealty.com.
About Optimal BlueOptimal Blue provides the tools needed to compete in the competitive mortgage industry. Our leading technology allows lenders to fully automate the management and distribution of their products and pricing, enabling originators to source, manage, price and lock loans efficiently, accurately and in real time. The fully integrated Product Suite can help you meet your corporate objectives. For more information, visit https://www.optimalblue.com/home/x33.xml.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $45.3 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including discussions regarding KBS Realty Advisors use of proceeds and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, construction delays, changes in interest rates, lease-up risks, lack of financing availability and lack of capital proceeds.
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