NEWPORT BEACH, CA-KBS Real Estate Investment Trust III (KBS REIT III), has closed on its largest transaction to date, a $269 million purchase of three premier office properties in Dallas and Maryland. The National Office Portfolio transaction brings KBS REIT III's total acquisition volume to $717.9 million.
Preston Commons and Sterling Plaza, a pair of premier office properties in Dallas, and One Washingtonian, an iconic building in the exclusive Washingtonian Center mixed-use project in Gaithersburg, MD, were purchased by KBS REIT III from affiliates of CBRE Global Investors. These acquisitions further strengthen the presence KBS and its affiliated companies have in these two key markets.
“The new National Office Portfolio represents another great addition for KBS REIT III,” said KBS REIT III CEO Chuck Schreiber. “These are top-tier office assets in strong markets that have all the attributes KBS REIT III looks for in an investment.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
