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A year after setting up its Dallas office, New York-based financial firm KKR expects to significantly expand the operation.
KKR’s real estate credit office in Dallas services investment property debt servicing, loan asset management and asset oversight for the company’s real estate credit business.
KKR’s global real estate business has $64 billion in assets under management, approximately half of which is in real estate credit.
Formerly known as Kohlberg, Kravis, Roberts & Co., KKR located the operation in Dallas in part to take advantage of the area’s broad base of real estate and finance industry professionals.
“Dallas has a large and attractive pool of talent for real estate and asset management,” said Lindsey Wright, managing director and head of investment services for real estate credit at KKR. “We were able to recruit top talent from here and around the country.”
KKR located the debt servicing office in a building in North Dallas’ Preston Center district.
“We have a little over 10,000 square feet here in Sterling Plaza,” said Wright, who is also president and CEO of K-Star Asset Management. “We are up to 29 employees.
“We intend to probably grow in size – maybe even double – by the end of this year,” she said. “We are still hiring.”
With the commercial property industry facing increased headwinds from higher interest rates and a potential recession, Wright said her office expects to keep busy.
“I think being in control of your asset management and servicing functions is particularly important during a downturn, so we launched this business at an opportune time,” she said.
KKR oversees real estate assets in 11 countries.
The investor in recent years has made large industrial building and apartment buys in North Texas.
“Texas, and Dallas in particular, has been a really important market for us over the last decade,” said Chris Lee, partner and head of KKR’s real estate business in the Americas. “We have purchased over $2 billion in real estate within the D-FW Metroplex and we’ve underwritten an additional $2 billion in real estate loans.
“We feel very strongly about the investment opportunity in the D-FW area and will continue to be large investors in the market there.”
In 2021 KKR purchased the first phase of the Urban District 30 industrial park in Mesquite last year.
In the year before, KKR acquired a 1 million-square-foot Amazon distribution center in southern Dallas County.
And KKR partnered with a Texas developer to purchase a North Dallas apartment tower.
“In Texas more broadly we’ve purchased about $4 billion in real estate and made over about $5 billion in real estate loans,” Lee said. “The reason for that is Texas is a high growth state. It’s a business-friendly state.
“A lot of the cities – and Dallas is probably at the top of the list – are very attractive to companies, which means they are very attractive to us as real estate owners and lenders,” he said. “We feel very strongly about the investment opportunity in the D-FW area and will continue to be large investors in the market there.”
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March 10, 2023 at 11:00PM
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