KBS Realty Signs JPMorgan Chase Lease Renewal in Dallas
The long-time tenant will continue to occupy nearly 42,000 square feet at Preston Commons, a three-building office park undergoing a $15 million improvement plan.
KBS Realty Advisors has signed a 41,906-square-foot lease renewal with JPMorgan Chase Bank at Preston Commons, a three-building office park in Dallas. The 427,799-square-foot property is in the final design phase of a $15 million renovation program.
Located at 8111, 8115 and 8117 Preston Road, the Class A campus encompasses a bank building completed in 1958 and the East and West Towers, built in 1986. The buildings underwent extensive improvements between 2010 and 2013, including common-area and system upgrades as well as a new roof.
Current renovation plans call for a complete lobby revamp, fitness center, conference facilities and outdoor space updates. Amenities include 24/7 security, on-site management office and storage, dry cleaning service, cafe/deli, restaurant, car wash, covered parking and yoga studio. Tenants also have access to bike storage, concierge dry cleaning service, locker rooms with showers and on-site banking. Additionally, two of the buildings are LEED EB certified.
“(Chase Bank has) been a tenant in this project going back decades and their continued occupancy speaks volumes about the attractiveness and locational attributes of Preston Commons,” said Rodney Richerson, regional vice president for KBS, in prepared remarks.
Notable tenant roster, prime location
JLL Executive Vice President Russell Cosby and Senior Vice President Torrey Littlejohn represented JPMorgan Chase in the lease transaction. Other notable tenants at Preston Commons include Wells Fargo, BB&T and Key Bank.
“Preston Commons is a key property in the KBS REIT III portfolio due to its prime location in the Preston Center submarket,” added Brett Merz, KBS senior vice president & asset manager for the property. Situated between Dallas North Tollway and Highway 75, the office park provides easy access to DFW and Dallas Love Fields airports, dining and entertainment venues, nearby executive housing and transit options.
In a similar deal closed in October 2018, KBS renewed a 48,214-square-foot lease with Health Care Service Corp. in the Uptown Galleria submarket of Houston.
Images courtesy of KBS Realty Advisors
