KBS Real Estate Investment Trust III Buys Austin High Rise

KBS Real Estate Investment Trust III Inc., a publicly registered non-traded real estate investment trust based in Newport Beach, California, acquired 515 Congress in Austin, Texas from an unaffiliated third party seller, according to a filing with the Securities and Exchange Commission. The purchase price was not disclosed.

515 Congress, also known as the Bank of America Center, was built in 1975 and is one of the tallest buildings in Downtown Austin. The 26-story high-rise office building totals 258,176 square feet and features a work out facility, covered parking, 24-hour security access control, complete janitorial service, ground floor restaurants and retail, conference room, and lobby banking. The property is 95 percent leased to 50 tenants with a weighted-average remaining lease term of 3.4 years.

KBS Real Estate Investment Trust III is a publicly registered non-traded real estate investment trust that closed its initial public offering on May 29, 2015. The company invests in and manages a diverse portfolio of real estate properties and real estate-related debt assets across the United States. The REIT’s strategy is to invest in and manage a portfolio of high quality commercial real estate assets, consisting primarily of Class A office towers, in high job growth markets nationwide

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