California-based KBS Real Estate Investment Trust III, a unit of KBS Capital Advisors LLC, has completed its purchase of Domain Gateway, a 173,962-square-foot office building in Northwest Austin.

It’s one of the largest local office buys this year. The five-floor building was under contract for $48 million, according to Co-Star Realty Information Inc.

Built in 2009, Domain Gateway is located about 15 minutes north of downtown Austin at 11342 Burnet Road near Loop 360. The building is fully occupied by California-based OneWest Bank FSB.

Andrew Levy and Todd Savage of Dallas-based Holliday Fenoglio Fowler represented the seller, Endeavor Real Estate Group. The transaction for KBS was handled by Bill Rogalla, central region senior vice president and director of acquisitions and dispositions.

KBS-affiliated companies own three other properties in Austin, for a total of 756,388 square feet.

KBS REIT is a publicly registered, non-traded real estate investment trust.