KBS continues strategy of successfully upgrading
Class A office buildings in its portfolios
KBS, based in Newport Beach, California, announced the signing of 384,716 square feet in leasing at Granite Tower in Denver during the fourth quarter of 2018.
Among these leases is a 12-year extension for 295,743 square feet with Anadarko Petroleum Corp., the largest lease signed in Denver in 2018. Other new tenants at the property include Inflection Energy LLC, MountainView Financial and Causey Demgen & Moore P.C. Granite Tower.
“KBS’ overall strategy has been to acquire high quality office assets that are well located, then implement aggressive renovations to properly compete with significant developments occurring across the country. Our thoughtful and forward-thinking renovations at Granite Tower have proven key to attracting and retaining premier tenants at the property,” said Rodney Richerson, Western regional president for KBS. “We look forward to fostering long-term relationships with our new and existing tenants while continuously working to meet their changing needs.”
KBS continues its strategy of identifying Core and Core-plus commercial office buildings, and then upgrading those assets with tenant amenities that the current workforce, and employers now expect. KBS has executed on this strategy nationwide. Examples of this strategy can be found in several assets like the Commonwealth building in Portland, Oregon, where the lobby was completely changed, bike rooms, a gym and showers were installed, along with better floor layouts and common areas for all tenants to use. Leasing levels have risen to over 95% occupancy, and at rates higher than only a few years ago. The Commonwealth building in Portland is an asset in KBS Growth and Income REIT, which is currently the only KBS REIT open to investors at this time, There are no commissions charged to investors to invest into the KBS REIT.
Granite Tower in Denver is part of the KBS REIT II portfolio, which is closed to new investors and has already sold several assets, returning capital to investors. Granite Tower is a 31-story, Class A office tower located in Denver’s Central Business District (CBD). The property is in close proximity to Coors Field, home to the Colorado Rockies, and Union Station, a lively neighborhood known for its dining and shopping options.
“The bustling area provides access to a balanced professional and personal life,” said Clint Copulos, senior vice president for KBS and asset manager for the property. “Tenants can enjoy the office amenities while being within walking distance to restaurants, retail and more.”
KBS is a private equity real estate company and an SEC-registered investment adviser. Founded in 1992 by Peter Bren and Chuck Schreiber, it is recognized as one of the largest commercial office owners globally. Since inception, KBS-affiliated companies have completed transactional activity of approximately $40 billion. KBS has managed these investments via 16 separate accounts and six commingled funds, including sovereign wealth funds and corporate pension funds. Additionally, KBS has sponsored seven SEC-registered, non-traded REITs. For more information on KBS, its properties and real estate portfolios, please visit KBS.com. For information about KBS’ current offering, please visit KBSDIRECT.com.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, including KBS REIT II’s ability to invest in and manage a diverse portfolio, the performance of Granite Tower and the performance of the Denver real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS REIT II’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
* Prior performance is no guarantee of future results. Estimated portfolio values are as of December 31, 2017. Assets shown in prior KBS funds may not be representative of assets in current open offerings. Prior funds are listed to illustrate KBS historical acquisition and disposition activity and geographic distribution and may not be representative of future investment activity.
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