Public, non-traded REIT KBS Real Estate Investment Trust III (KBS REIT III) recently signed a tenant to a 14,011 square-foot lease expansion at its Class A office tower in San Francisco. The lessee, iMatchative, Inc., helps investors and funds find investments through the use of algorithms, behavioral and financial statistics, and analysis.
“We are glad to have met iMatchative, Inc.’s additional space needs and look forward to their continued occupancy at our 201 Spear Street property,” said KBS Senior Vice President Brent Carroll.
201 Spear Street consists of 246,667 square feet and offers waterfront views in the South Financial District. Acquired in December 2013 for $121 million, the 18-story property provides tenants an ideal location close to transportation hubs, new high-rise residential towers, and an educated work force.
“We consider San Francisco’s South Financial District to be one of the nation’s fastest-growing office markets in the US, and we are pleased to offer tenants a high quality, Class A space here,” added Carroll.
KBS REIT III has raised over $1.3 billion in gross offering proceeds through February 20, 2015. Its primary public offering is schedule to terminate May 29, 2015.