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KBS REITs II and III Appoint New Board Member

KBS Real Estate Investment Trust II and KBS Real Estate Investment Trust III, two publicly registered non-traded real estate investment trusts, each appointed Jeffrey A. Dritley to serve as an independent director and as a member of the audit committees, conflicts committees and special committees.

Dritley is founder and managing partner of Kearny Real Estate Company. Kearny, headquartered in Los Angeles, is a partnership of real estate professionals active in the acquisition, entitlement, repositioning, development, leasing, management and disposition of large, complex commercial projects in Southern California. Since 1993, Kearny has been involved in approximately $4.4 billion of projects including the acquisition and work-out of approximately $2.3 billion of distressed real estate debt.

Dritley has 30 years of experience in the real estate industry. His experience has ranged from the acquisition, entitlement, development and redevelopment of over 14 million square feet of properties in Southern California, to creating and managing an organization with over 100 employees in the United States, Europe and Asia focused on buying and restructuring non-performing loans.

KBS REIT II went effective in April 2008 and closed its primary offering in March 2011 after raising $1.8 billion in investor equity. The company’s portfolio consists of 10 properties (9 office properties and an office campus consisting of eight office buildings) and one real estate loan receivable.

KBS Real Estate Investment Trust III went effective in October 2010 and closed in July 2015 after raising approximately $1.7 billion in investor equity. As of the second quarter of 2017, the company’s $3.3 billion portfolio was comprised of 28 office properties, one mixed-use office/retail property, and a multifamily joint venture project which is currently under construction.

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