ARLINGTON, VA—KBS REIT III has closed on the purchase of the CNA Corp. headquarters building in the Clarendon section of the city for almost $147 million.
The 3003 Washington Blvd. building was acquired by Newport Beach, CA-based KBS REIT III last week for $146.8 million from Penzance Cos. of Washington, DC.
Penzance, which developed the building in a joint venture with Invesco Real Estate, will continue to manage the approximately 200,000-square-foot building. Penzance and Invesco retain ownership of 3001 Washington Blvd., an 80,000-square-foot attached building that was built as part of the same project, according to the Washington Business Journal.
KBS reportedly acquired Reston Square @ Reston Heights for approximately $48 million earlier this month. See story in the Washington Business Journal.
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