KBS Picks Up 1000 Continental for $63M

KBS Realty Advisors of Newport Beach, CA announced this week that it had purchased 1000 Continental in the King of Prussia submarket of Philadelphia for $63 million. KBS bought the 205,424-square-foot building from Equus Capital Partners Ltd. of Philadelphia. Jim Vesey, Doug Rodio, Jim Galbally, and John Plower of Jones Lang LaSalle represented the seller in the transaction, while KBS handled the sale in-house.

"1000 Continental's amenity base and location possess a number of urbanization trend qualities that we look for in office investments," said Shannon Hill, KBS senior vice president. "The asset's status as a LEED Silver-certified building also makes it the most efficiently run building in its competitive set."

At the time of the sale, the building was 99% occupied, with major tenants including Northwestern Mutual, Farmers Insurance, Nationwide Life Insurance, and The Hartford Financial Services Group. The seller, through its BPG Development Company LP, developed the asset on-spec, according to a CoStar report. "The sale of 1000 Continental represents the culmination of a successful development project that was delivered during one of the worst economic recessions in our history and highlights the value of delivering a top tier asset designed to meet today's demanding tenant requirements," commented Stephen Spaeder, senior vice president of Equus.

For more news and information visit Blumberg Capital Partners.

KBS Acquires City Place Tower in West Palm Beach

KBS Real Estate Investment Trust II has completed the acquisition of City Place Tower in West Palm Beach, FL for $126.5 million, plus closing costs, according to a South Florida Business Journal article. City Place Office 1 LLC, a joint venture of co-developers Crocker Partners and the Related Companies, sold the $110 million property at $427 per square foot. According to a public filing, the building is expected to generate nearly $73 million in rent from 2011 to 2015.

"City Place Tower is the newest office tower in the Central Business District and the only one built to current ‘hurricane resistant’ code and to offer full back-up power capabilities," said Shannon Hill, KBS Realty Advisors senior vice president, director of acquisitions and dispositions.

City Place Tower includes 8,390 square feet of retail space, plus the first six floors of the building contain 270 parking spaces. The tower was 86% leased at the time of sale with major tenants including Intech (Janus Funds), Cleveland Clinic, Carlton Fields, Edwards Angell, Novak Druce, Shutts & Bowen and Regions Bank.

For more news and information visit Blumberg Capital Partners.