RESTON, VA—Last month we reported that a source told us that KBS REIT III was acquiring Reston Square for $48 million. The REIT has since confirmed the transaction and price point.
Built in 2007, the seven-story, 139,071 square foot building is LEED Silver certified and is 91% leased to seven tenants. The seller was Westbrook Partners.
The location is ideal, says KBS Eastern Regional President Marc DeLuca, due to the arrival of the Silver Line Metrorail station and ongoing mixed-use development in the submarket.
This was the second KBS REIT III transaction GlobeSt.com first reported that the REIT subsequently confirmed. Last week we reported that KBS REIT III said in a regulatory filing that it had entered into an agreement to acquire 3003 Washington Blvd. in Arlington, VA, for $146.8 million. GlobeSt.com reported on the pending sale in October.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
