108
IRVING, TEXAS — Newport Beach, Calif.-based KBS Real Estate Investment Trust III has purchased the 364,366-square-foot Tower on Lake Carolyn building, located in the Las Colinas submarket in Irving. The 19-story, LEED-certified office tower features residential, commercial, retail and open space. The property is now 83 percent leased by 42 tenants. The Class A property has received more than $8 million in capital improvements during the past five years. Michael McDonald and Kennedy Hicks of Eastdil Secured represented the seller in the transaction.