TULSA, OK-A stable tenant roster in an upswing market has prompted KBS REIT to buy the 205,659-sf Meridian Tower from Dallas-based Trammell Crow Development Co. A recent SEC filing reports the class A suburban office building was acquired for $17.5 million, excluding closing costs.

Although Tulsa is not a typical target for the Newport Beach, CA-based buyer, Bill Rogalla, KBS’ senior vice president and acquisitions director, acknowledges the time was right for the buy due, in part, to the energy-driven market and the asset’s location on 3.2 acres at 5100 E. Skelly Dr. “We liked the asset’s location and liked the diverse tenant roster,” says Rogalla, who provided in-house representation during the transaction. “We felt it was a good opportunity to participate in what is a strong market right now.”

Another appealing feature was the lease rollover, which averages about 10% per year for the next four years, Rogalla tells GlobeSt.com. He adds that, given the 27-tenant roster, there are no concerns about a major tenant leaving behind a huge chunk of space in the 93%-leased, 10-story building.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.