KBS Growth & Income REIT, a publicly registered non-traded real estate investment trust, purchased The Offices at Greenhouse, a 203,200-square-foot office building, in Houston, Texas. According to a filing with the Securities and Exchange Commission, the property was purchased for $47 million plus closing costs.
Built in 2014, The Offices at Greenhouse is a class A, five-story office building located at the western entrance of Houston’s Energy Corridor, the third largest employment center in the region. The LEED Silver property, which is currently 95 percent leased, offers tenants various amenities including a landscaped courtyard, a 50-person learning center with AV equipment, a 10-person board room and a four-level parking garage.
“We believe that Houston, over the long run, will continue to be a very attractive and dynamic market, and we are pleased to expand our footprint here,” said Ken Robertson, KBS regional president. “The Offices at Greenhouse’s central location, newer construction and compelling suite of onsite and walkable amenities have made this a great addition to further diversify the KBS Growth & Income REIT national portfolio.”
KBS Growth & Income REIT was formed in January 2015 and intends to invest in a diverse portfolio of core real estate properties and real estate-related assets. The company raised $76.8 million in investor equity in its private offering and an additional $1.5 million in its public offering, which commenced in April 2016. The company currently owns three properties, including the most recent acquisition.