KBS Strategic Opportunity REIT, a publicly registered non-traded real estate investment trust, sold a 10-story office building located in Boston, Massachusetts for $79 million. The REIT originally purchased the property in July 2013 for approximately $51 million.
Located in the city’s Financial District, 50 Congress Street is a 10-story office building with a retail component on the ground floor. Constructed in phases between 1910 and 1915, the property has 179,872 square feet of rentable space that includes amenities such as an on-site hair salon, bank, café and access to U.S. Postal Services. The building is located near shopping and dining options and several subway stations.
“We executed on our business plan to refurbish the property, retain tenants and roll them to market, while driving up occupancy and rents in this great property,” said KBS senior vice president of acquisition and asset management Shep Wainwright.
KBS Strategic Opportunity REIT went effective in November 2009 and closed its primary offering three years later after raising $561.7 million in investor equity. As of March 31, 2017, the company owned 21 properties with an investment cost of $1.3 billion, according to Summit Investment Research.