Marking its largest transaction to date, KBS Real Estate Investment Trust III (KBS REIT III) announced this week that it had closed on the purchase of a $269 million office portfolio in Dallas and Maryland, dubbed the National Office Portfolio. KBS REIT III bought One Washington Center, a 321,007-square-foot building at 9801 Washingtonian Blvd. in Gaithersburg, Maryland, along with two other buildings in Dallas from affiliates of CBRE Global Investors. The sale comes a little more than two years after CBRE bought the building for $90 million, according to a Washington Business Journal article.
"The new National Office Portfolio represents another great addition for KBS REIT III," said KBS REIT III CEO Chuck Schreiber. "These are top-tier office assets in strong markets that have all the attributes KBS REIT III looks for in an investment."
"The Dallas purchases represent a pair of assets in the top-performing submarket of Preston Center in what we believe to be one of the best-performing overall markets in the country," said Ken Robertson, senior VP and asset manager of KBS Capital Advisors, KBS REIT III's external advisor. "These acquisitions in this amenity- and lifestyle-rich neighborhood fit the mold of what we're looking for. Dallas has a great workforce in a pro-business environment and we are grateful for the opportunity to acquire such a trophy-quality portfolio from CBRE Global."
In Dallas, KBS REIT III acquired Preston Commons, a three-building, Class-A complex with 427,799 rentable square-feet, which covers 6.33 acres with 1,311 parking spaces in a subterranean three-level garage. The other property, Sterling Plaza, is a one-building, Class-A structure designated LEED Silver for sustainability. It has 313,609 rentable square feet with a six-and-one-half level parking structure. Both properties were renovated in 2012.
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