Office

HOUSTON — Newport Beach, Calif.-based KBS Strategic Opportunity REIT has purchased the 400,101-square-foot 1800 West Loop South, a 21-story office tower located in Houston's West Loop/Galleria submarket. The property is 88 percent leased. KBS plans to upgrade the lobby and elevators of the property, which features a deli, laundry and dry-cleaning services and an 11-story parking garage. KBS-affiliated companies own four other Houston-area properties totaling 1.3 million square feet, including Ten West Corporate Center, Two Westlake Park, Clay Crossing and 8300 FM 1960. Charles Schreiber, Jr., Peter Bren, Keith Hall and Peter McMillan III of KBS Realty Advisors sponsored the buyer in the transaction, and KBS Capital Advisors LLC advised the REIT.

HOUSTON — Parkway Properties has signed a contract agreement to acquire the 626,000-square-foot Phoenix Tower, a 26-story Class A office building located in the Greenway Plaza submarket of Houston, for $124.5 million. The office tower is LEED Gold certified and is 84.5 percent leased. Parkway has plans to place a secured first mortgage on the property after closing that will equate to 65 percent of the purchase price, approximately $80.6 million.

PLANO — Cole Real Estate Investments has acquired a 318,600-square-foot, Class A office tower in Plano's Legacy Business Park for $120 million. The 12-story property is fully leased to Encana Oil & Gas and was delivered earlier this year. The property features a seven-story parking structure connected to the building via a skybridge. There are 15 years remaining on Encana's lease. Cole was self-represented by Boyd Messmann in the transaction.