ATLANTA--(BUSINESS WIRE)--KBS Real Estate Investment Trust III (“KBS REIT III”), a public non-traded real estate investment trust based in Newport Beach, Calif., announces the acquisition of 171 17th Street, a 21-story, trophy quality office building in Atlanta for $132.5 million plus closing costs. JP Morgan was the seller. It was 89-percent leased at closing.
171 17th Street is a 509,237-square-foot property that was the world’s first LEED Silver Core & Shell certified high-rise building. It is located in the Midtown submarket of Atlanta and is part of the larger Atlantic Station mixed-use project. Amenities include on-site café, conference center and shuttle service.
“171 17th Street is a trophy quality asset that KBS REIT III is pleased to add to its portfolio,” said 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.”
Atlantic Station comprises 5.6 million square-feet over 138 acres and includes 20 restaurants, 50 retailers, a luxury boutique hotel, a movie theatre, 2,700 upscale residential units and three Class-A office buildings. It also is established as a top destination for entertainment events.
KBS Capital Advisors is KBS REIT III’s external advisor and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded by Peter Bren and Charles J. Schreiber in 1992. Since its inception, KBS affiliated companies have completed transactional activity of more than $30 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbscapital.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 statements relating to KBS REIT III’s ability to invest in and manage a diverse portfolio, and the performance of 171 17th Street and of the Atlanta real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS REIT III’s and/or 171 17th Street’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.