ATLANTA—KBS Real Estate Investment Trust III just spent $132.5 million (plus closing costs) to buy a trophy asset in Atlanta. KBS grabbed 171 17th Street, a 21-story office building from JP Morgan.
“171 17th Street is a trophy quality asset that KBS REIT III is pleased to add to its portfolio,” says KBS eastern regional president Marc DeLuca. “With its high-end finishes, trophy-quality construction and expansive lobby, 171 17th Street stands out in this highly walkable urban marketplace.”
171 17th Street spans 509,237 square feet and made history as the world's first LEED Silver Core & Shell certified high-rise building. The office tower is 89% occupied.
Located in the Midtown submarket of Atlanta, 171 17th Street is part of the Atlantic Station mixed-use project. The building is home to an on-site café, conference center, and shuttle service.
For its part, Atlantic Station takes up 5.6 million square feet across 138 acres. The mixed-use project hosts 20 restaurants, 50 retailers, a luxury boutique hotel, a movie theatre, 2,700 upscale residential units and three class A office buildings.
KBS is no stranger to the Atlanta office market. KBS-affiliated companies also own the 188,509-square-foot Northridge Center I & II and 138,068-square-foot Overlook I.
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