SAN FRANCISCO-KBS Real Estate Investment Trust III, has purchased 201 Spear Street, a waterfront class-A office tower in San Francisco's South Financial District.
The trust, based in Newport Beach, CA, will be pay $121 million plus closing cost.
“San Francisco's South Financial District is considered one of the nation's top-performing office markets, and KBS REIT III is pleased to have a presence here,” said KBS SVP and asset manager Brent Carroll. “201 Spear Street is near much of what Downtown San Francisco has to offer, making it a great addition to this REIT's nationwide portfolio.”
The 18-story, 246,563-square-foot building has been institutionally owned and operated since its construction and was 82% occupied at the time of purchase. Tenants include Verizon Business Solutions, CoreLogic and Moovweb. The property benefits from its location, which includes proximity to transportation and a number of new high-rise residential towers.
“This property has a desirable location two blocks from the site of the new Transbay Terminal transportation and housing project, Market Street, the recently revitalized Embarcadero promenade and Ferry Building,” said KBS western regional president Rodney Richerson. “This spot is quickly becoming the location of choice for premier technology companies and others. It is representative of the type of class-A office asset KBS REIT III wants in its portfolio.”
KBS Capital Advisors is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment advisor founded in 1992.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
