KBS Real Estate Investment Trust III (KBS REIT III) has settled into Northern Virginia with the purchase of a Class-A office building in the Reston-Herndon submarket.
The multi-tenant office property, known as Reston Square, sits on two acres of land and contains 139,071 rentable square-feet. Built in 2007, the seven-story building is LEED Silver certified and approximately 91% leased to seven tenants.
“We believe KBS REIT III will benefit from the acquisition of this institutionally-maintained office property in a market that is benefiting greatly from continued mixed-use development and the arrival of the Silver Line Metrorail Station,” commented KBS Eastern Regional President, Marc DeLuca. He continued, “We are pleased to acquire a great building that stands to benefit from a lot of positive activity in the market.”
“This is a high-quality property offering a strong set of amenities,” added Stephen Close, Senior Vice President, KBS. “We are pleased to add this asset to the KBS REIT III portfolio.”
By 2018, Reston Heights will benefit from mixed-used development and a new Metrorail station.
KBS REIT III was formed in 2009 and had sold 99,729,109 shares of common stock for gross offering proceeds of $995.9 million through September 2014.