Search
 

KBS Buys Second RE Asset for $93M

CLAYTON, MO-Newport Beach, CA-based KBS Real Estate Investment Trust acquires the 325,172-sf Plaza in Clayton office building.

By Dana Dubriwny | Updated on September 28, 2006

CLAYTON, MO-KBS Real Estate Investment Trust, based in Newport Beach, CA, has acquired the 325,172-sf Plaza in Clayton office building for $93.28 million. Charles Schreiber, chief executive officer and chairman of KBS, says the building’s “in-place rental stream, the prime locational benefits and the financial strength of a high-profile tenancy” is expected to allow the company strong investment returns.

The 16-story tower at 190 Carondelet Plaza was completed in 2001 and is currently 98% leased. Tenants include law firm Husch & Eppenberger, LLC; accounting firm Ernst & Young; MetLife, a provider of insurance and other financial services; and Northern Trust, a private banking, asset management and asset servicing firm.

The Plaza in Clayton has access to Interstates 64 and 170. With the recent expansion of St. Louis’ light-rail MetroLink, a new station will be one block from the building at the intersection of Forsyth Boulevard and Forest Park Parkway. This station will also provide access to both Downtown St. Louis and the St. Louis International Airport.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.