BALTIMORE, MD—Yesterday we reported that a source told us thatKBS Realty Advisors, a Newport, CA-based REIT, is buying ThamesStreet Wharf here for between $88 million and $90million. This morning the news became official: the REIT announcedthe acquisition of the 260,651-square-foot building for $89million. Thames Street Wharf, LLC, an entity controlled byMichael S. Beatty, president of Beatty Development Group is theseller.

Here are updates to the transaction from our news reportyesterday:

• Beatty Development Group will serve as themanager of the 86% occupied building.

• CBRE's Bo Cashman and JonathanBeard represented the seller in the transaction.

• KBS, like other institutional investors, is becoming more awareof Baltimore as a national market. Said KBS Eastern RegionPresident Marc DeLuca: "… the city is in theforefront for the investment community and has the resources tocontinue its growth as a valuable center for investment."

Indeed the local real estate community has been aware of thistrend for some time. "The acquisition of Thames Street Wharf pointsto a renewed interest among major real estate players in theBaltimore region as an investment opportunity," Cashman says.