KBS Buys QBE Corporate Campus for $78.7M

KBS Strategic Opportunity REIT announced this week that it had purchased the QBE/Corporate Campus, formerly Unigard Park, for $78.7 million from QBE North America, a part of QBE Insurance Group Limited. Jones Lang LaSalle's Capital Markets group, including managing directors Ann Chamberlin, Lori Hill, Stuart Williams and Michel Seifer, represented QBE in the transaction. The 9-building complex sits on 46 acres and was 38% vacant at the time of sale; QBE Insurance Group will continue to occupy one building in the complex.

According to a GlobeSt.com report, KBS plans to rebrand the property, previously called Unigard Park, as Bellevue Technology Center, located 11 miles west of downtown Seattle and a half-mile south of Microsoft headquarters. "The acquisition of QBE Corporate Campus demonstrates our intimate knowledge of the local market and ability to identify high-quality assets with untapped potential," said Brian Ragsdale, EVP of KBS Capital Advisors, in a prepared statement. "We've been attracted to both Seattle and QBE Corporate Campus for some time, and consider the property to be a good fit."

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