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KBS REIT Acquires $29M Building

NORWOOD, MA-KBS Real Estate Investment Trust acquires a 166,574-sf fully leased office and R&D building, in a deal that marks the REIT's first venture into the New England market.

By Beverly Ford | Updated on December 11, 2006

NORWOOD, MA-California-based KBS Real Estate Investment Trust has entered the Boston market with the $28.8-million acquisition of a 166,574-sf, fully leased class A office and R&D building at 825 University Ave. KBS Realty Advisors has been a long-time player in the market, but this is KBS REIT’s first Boston play. The acquisition from CFRI University Avenue LLC, a joint venture between Boston-based Cabot, Cabot & Forbes and Commonfund Realty Inc., of Wilton, CT, came just three years after the sellers acquired the property.

Charles Schreiber, CEO and chairman of KBS REIT, says the property was a strong buy for the publicly offered, non-traded real estate investment trust. The building was the REIT’s fifth acquisition and its first in New England.

“As a core asset that is well-leased with strong in-place rents and no near-term lease rollover, this property meets our strict criteria,” Schreiber says in a statement. “At 100% occupancy with committed credit tenants, 825 University Ave. is a strong investment for us.” Schreiber could not be reached for further comment.

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