KBS Sells $1.2B Office Portfolio
KBS REIT III sells 11 assets totaling 3.4 million square feet of class-A office space located in markets throughout the US.
KBS REIT III has sold an 11-property class-A office portfolio for $1.2 billion. As part of the transaction, KBS REIT III repaid outstanding debt secured by the properties and retained a 33% ownership interest in the purchaser.
The 11-property portfolio includes Tower I at Emeryville in Emeryville, California; 222 Main in Salt Lake City, Utah; Village Center Station in Greenwood Village, Colorado; Village Center Station II in Greenwood Village, Colorado; 101 South Hanley in St. Louis, Missouri; Tower on Lake Carolyn in Irving, Texas; Promenade I & II at Eilan in San Antonio, Texas; CrossPoint at Valley Forge in Wayne, Pennsylvania; One Washingtonian Center in Gaithersburg, Maryland; Reston Square in Reston, Virginia; and171 17th Street in Atlanta, Georgia.
KBS plans to use to us the proceeds to increase liquidity for the REIT III and to pay a special distribution. KBS REIT III now has a portfolio of 20 office assets valued at more than $3 billion.