KBS REIT Sells Virginia Office Complex for $130 Million

KBS Real Estate Investment Trust Inc., a publicly registered non-traded real estate investment trust, sold Tysons Dulles Plaza to Rockpoint Fund Acquisitions LLC for $130.3 million, according to a filing with the Securities and Exchange Commission.

Tysons Dulles Plaza is a Class A three-building office complex totaling nearly 488,000 rentable square feet. The 15-acre property was originally purchased in June 2008 for $152.8 million, and since 2014, KBS has spent more than $24 million in renovations, including a new conference facility and fitness center. The property also offers a putting green, balconies, outdoor patios, and surface and covered parking.

According to the filing, the net cash to the REIT from the sale was approximately $123.4 million, net of closing credits, closing costs and disposition fees and rental security deposits.

The office complex is located within the Tysons Corner submarket of northern Virginia within close proximity to the suburbs of Maryland and Virginia, as well as downtown Washington, D.C.

KBS REIT went effective in January 2006 and closed its offering in May 2008 after raising $1.7 billion in investor equity. In May 2016, the REIT announced its intention to market its assets for sale and currently owns a portfolio of 23 properties.

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