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.

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