KBS REIT III Signs 36,000 SF in Leases at RBC Plaza in Minneapolis

KBS Real Estate Investment Trust III, a publicly registered non-traded real estate investment trust, signed three leases totaling 36,186 square feet at RBC Plaza in Minneapolis.

Fish & Richardson P.C. expanded its existing lease by an additional 31,595 square feet, Pennington Capital, LLC signed a new 2,360-square-foot lease, and Five Guys Burgers and Fries signed a new 2,231-square-foot lease for a retail location with frontage along Nicollet Mall, the primary dining and shopping district of downtown Minneapolis.

“RBC Plaza is an award-winning office tower that truly offers tenants unparalleled access to a thriving 24/7 environment,” said Gio Cordoves, KBS senior vice president. “We believe that the property’s on-site amenities combined with its convenient location near public transportation and accessibility by the Skyway System make for a uniquely enjoyable tenant experience.”

Built in 1991 and renovated in 2015, RBC Plaza is a 40-story 709,690-square-foot office tower situated in the heart of the city’s financial center. The class A, LEED-certified property recently won a TOBY award from BOMA of Minneapolis in the Renovated Building category.

RBC Plaza offers tenants many on-site amenities, including a state-of-the-art conference center, a fitness center with a yoga room and locker rooms, a bike storage area, a valet lounge, on-site security, and meeting areas. The property also includes a two-level retail concourse and a three-floor garage with valet parking.

KBS purchased RBC Plaza in February 2013 for $118.1 million.

KBS Real Estate Investment Trust III invests in a diverse portfolio of real estate investments, primarily focusing on 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 $31.1 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.

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