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REIT Sponsor Signs CRE Advisory Firm to a New Lease

Non-Traded REIT KBS Real Estate Investment Trust I (KBS REIT I), recently announced the signing of a 13,000 plus square-foot lease in McLean, Virginia.  

Newmark Grubb Knight Frank (NGFK) now leases 13,369 square feet at Tysons Dulles Plaza, a 487,775 square-foot complex in the Tysons Corner submarket of Northern Virginia. 

Conveniently located near Washington, D.C and several major highways, the plaza also offers direct access to the Dulles Access Road, which leads to Dulles Airport. 

“Beyond its proximity to major highways and airports, Tysons Dulles Plaza tenants benefit from upgraded onsite amenities and numerous nearby amenities,” said KBS Senior Vice President Stephen Close. “We’re excited to welcome Newmark Grubb Knight Frank as a tenant and as our leasing representative for this property.” 

This lease signing is more than a new tenant.  NGKF is a commercial real estate advisory firm with offices located around the globe.  A tenant such as NGKF speaks to the quality of the property and its location. 

“This move is the next phase of NGKF’s continued growth and development in the Northern Virginia market,” said Brendan Owen, NGKF chairman of assets services in the Washington, D.C., metropolitan area. “By upgrading and expanding our office, we will be able to draw more of the best-in-class talent to cement our firm as the premier services company in the region.”

KBS REIT I closed to new investors in May 2008.  The REIT owns real property and acts as a lender.  After raising over $1.7 billion in its public offering, KBS REIT I acquired a $3 billion portfolio of Class A office and industrial properties plus real estate-related loans.