KBS REIT III Signs 11,000-Square-Foot Lease at Virginia Office Property

KBS Real Estate Investment Trust III, a publicly registered non-traded real estate investment trust, signed a new 10,531-square-foot lease at 3001 Washington Boulevard in Arlington, Virginia. The lease was signed by Stantec Consulting Services Inc., a global professional design firm specializing in architecture, engineering, project management and project economics for buildings and infrastructure.

Located in the Clarendon submarket, 3001 Washington Boulevard is an eight-story, class A property with approximately 94,000 square feet of rentable space. The property is two blocks from The Market Common at Clarendon, an outdoor, mixed-use development with more than 45 restaurants and numerous shopping options, and is one block from the Clarendon Metrorail Station. KBS REIT III purchased the office building in November 2015 for $52 million.

“We are looking forward to welcoming Stantec’s Northern Virginia staff to 3001 Washington Boulevard,” said Stephen Close, senior vice president at KBS and asset manager at the property. “We hope that our strong amenity program and focus on work/life balance continue to attract innovative and global companies.”

Onsite amenities at the property include a common rooftop terrace, private terraces on the fifth and eighth floors, an underground parking garage and loading docks with fright elevator access.

KBS REIT III’s initial offering commenced in October 2010 and closed in July 2015 after raising approximately $1.8 billion. As of September 30, 2016, the company’s $3 billion portfolio was comprised of 28 office properties and one mixed-use office/retail property and has entered into a joint venture with a developer to develop one multi-family apartment project, which is currently under construction.

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