KBS Realty Advisors Acquires Class A Office Building
KBS Realty Advisors (KBS) recently announced it has acquired a Class A office building in Palm Beach Gardens, Florida that is 92 percent leased. The building, Financial Center at the Gardens (Financial Center), consists of ten stories and 188,772 square feet with flexible floor plates from 21,600 to 46,500 square feet.
“We consider this property to be among the premier office buildings in the North Palm Beach submarket,” commented KBS Eastern Regional President Marc DeLuca.
Corporate tenants in the building include Morgan Stanley, UBS, and Regus among others.
Conveniently located between the intersection of I-95 and PGA Boulevard in Palm Beach Gardens, Financial Center offers commuters easy access and nearby amenities such as restaurants, a mall, and entertainment.
“With the strong demographics and economic/employment trends continuing in south Florida, real estate fundamentals have shown strong improvement along the PGA Boulevard corridor with tenant demand shifting from the coastline and towards I-95 more amenity-rich centers as well as popular commuting routes,” added DeLuca.
KBS, a private equity real estate company, and affiliates have created six institutional commingled funds, over a dozen separate accounts with public and corporate pension funds, five sovereign wealth funds, and six publicly registered non-traded REITs.