KBS Strategic Opportunity REIT II Buys Oakland Office Property for $155 Million

KBS Strategic Opportunity REIT II, a publicly registered non-traded real estate investment trust, purchased Oakland City Center in Oakland, California for $155 million.

Built in 1985 and 1990, Oakland City Center is comprised of two Class A office towers located at 505 14th Street and 1300 Clay Street. The property totals approximately 367,000 square feet and is 92 percent leased to 44 tenants. With views of both Downtown Oakland and San Francisco, Oakland City Center is within close proximity to the 12th Street BART station and the area freeway.

“As the Bay Area remains the top market attracting tech talent, we feel this property will serve a supportive office space for professionals entering the area as well as those staying,” said KBS executive vice president Brian Ragsdale.

KBS Strategic Opportunity REIT II went effective in August 2014, and through a private placement offering and a subsequent initial public offering, has raised a total of $233 million in investor equity. The company’s $337 million portfolio was comprised of six investments as of the second quarter of 2017, according to Summit Investment Research.

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