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KBS REIT III Signs 21,000 Square Feet in Leases at Phoenix Office Complex

KBS Real Estate Investment Trust III, a publicly registered non-traded REIT, signed three new leases totaling 20,671 square feet at Anchor Centre in Phoenix Arizona’s Camelback Corridor.

Black & Veatch Corporation, a global engineering, consulting, construction and operations company signed a lease for 12,547 square feet, software company Allen Systems Group signed a 4,826-square-foot lease, and LP Insurances Service signed a lease for 3,298 square feet.

“To sign three new tenants is a great accomplishment for this asset,” said Tim Helgeson, senior vice president at KBS. “In redesigning the property, we were dedicated to creating an environment where tenants can get out of the standard four walls of an office to foster team building and engage a workforce for higher productivity.”

Anchor Centre, a two-building class A office complex totaling 333,000 square feet, is located on East Camelback Road and is within walking distance of nationally recognized retailers, hotels and more than 30 different restaurants. The property includes a below-ground parking structure linking the two buildings and visitor parking with direct access to Camelback Road. The complex also features The Gladly, a 5,000-square-foot restaurant and bar offering private dining for up to 60 guests and City Market Deli, a full-service delicatessen. Built in 1984, Anchor Centre completed renovations in 2012 that included a new outdoor common area with a central water feature and seating.

Other amenities at Anchor Centre include a conference and training room accommodating table space for 40 people that has a projector screen for presentations. Additionally, a 2,600-square-foot fitness center with cardio, strength-training machines, free weights, satellite television and personal training is also located inside the office complex.

As previously reported by The DI Wire, KBS REIT III purchased the property in May 2014 for $85.1 million.

KBS Real Estate Investment Trust III invests primarily in core office properties located throughout the United States. KBS Capital Advisors is the external advisor to KBS Real Estate Investment Trusts. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $31.5 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.

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