NEWARK, CA-KBS Real Estate Investment Trust has acquired a 187,268-sf, two-building R&D office campus in the East Bay city of Newark for $49.9 million. The property is known as Bridgeway Technology Center. The seller was SC Bridgeway Inc.

Bridgeway Technology Center was built in 1996 on 13 acres at 7151 Gateway Blvd. The project is 100% leased to two tenants whose combined base annual rent is $4 million and whose weighted average remaining lease term is 3.2 years, according to SEC filings.

GE Homeland Protection Inc., a business of the GE Security Inc. subsidiary of General Electric Co., leases 70% of the center. The lease expires in February 2010. The average annual rental rate over the remaining lease term is $13.06 per sf. The tenant may terminate its lease effective August 2009 with 120 days notice and upon payment of a termination fee, according to the SEC filing.

The remainder of the center is the headquarters of Risk Management Solutions Inc., a subsidiary of Daily Mail and General Trust, one of the United Kingdom’s largest media holding companies. The lease expires in December 2010. The average annual rental rate over the remaining lease term is $46.28 per sf.

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