WASHINGTON, DC–As we first reported last month, Rockpoint has closed on Tysons Dulles Plaza for $130.3 million, according to a regulatory filing by the seller KBS Real Estate Investment Trust, a non-traded real estate investment trust based in Newport Beach, Calif.
The last time this 487,775-square foot, three-building complex traded was in 2008 when Vornado Realty Trust sold it for $152.8 million to KBS. The REIT invested about $24 million in renovations since then, adding a new conference facility and making other upgrades. KBS is netting $123.4 million from the transaction.
Tysons Dulles Plaza is a three-building campus totaling close to 487,775 square feet.
Last year the REIT decided it would sell all of its assets. Then, at the beginning of this year, KBS REIT's shareholders approved a plan to liquidate and dissolve the company. At that meeting it was understood that shareholders would receive between $3.27 and $3.68 per share for the liquidation.
WASHINGTON, DC–As we first reported last month, Rockpoint has closed on Tysons Dulles Plaza for $130.3 million, according to a regulatory filing by the seller KBS Real Estate Investment Trust, a non-traded real estate investment trust based in Newport Beach, Calif.
The last time this 487,775-square foot, three-building complex traded was in 2008 when
Tysons Dulles Plaza is a three-building campus totaling close to 487,775 square feet.
Last year the REIT decided it would sell all of its assets. Then, at the beginning of this year, KBS REIT's shareholders approved a plan to liquidate and dissolve the company. At that meeting it was understood that shareholders would receive between $3.27 and $3.68 per share for the liquidation.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
