KBS REIT III Signs 12,000 Square Feet in Leases at Bay Area Office Park

KBS Real Estate Investment Trust III, a publicly registered non-traded real estate investment trust, signed two leases totaling approximately 12,100-square-feet at The Towers at Emeryville near San Francisco. NovaBay Pharmaceuticals, which develops products for the eye care market, signed a new 7,800-square-foot lease at the property. Law firm Sinnott, Puebla, Campagne & Curet signed a new 4,300-square-foot lease.

Located on the waterfront across the bay from downtown San Francisco, The Towers at Emeryville is a Class A, three building office park with 815,000 square feet of office and retail space. The REIT purchased the Towers in January 2015 for $248 million.

“We are proud to have The Towers at Emeryville, a high-profile property, in the KBS REIT III portfolio and look forward to welcoming Sinnott, Puebla, Campagne & Curet and NovaBay Pharmaceuticals,” said Brent Carroll, senior vice president at KBS and asset manager for the property. “Situated in a beautiful location with a strong amenity base, tenants can be proud of their office space at this location.”

Onsite amenities at the property include a bakery and café, a Mediterranean restaurant, a tenant lounge featuring a pool table and shuffle board table, a bocce ball court, outdoor seating and lounge areas, a full-service bank, dry cleaning services, a car wash and a conference and training center with an on-site concierge. Tenants can also enjoy a fitness center with locker rooms and an indoor basketball court.

KBS Real Estate Investment Trust III, which focuses on investing in multi-tenant office buildings, went effective in October 2010 and closed in May 2015 after raising $1.9 billion in investor equity. The company oversees a portfolio of 29 properties with an investment cost of $3.3 billion, as of June 30, 2016.

For more KBS related news, visit their directory page here.