KBS REIT I Renews 112,000 SF Lease at Silicon Valley Property
KBS Real Estate Investment Trust, a publicly registered non-traded real estate investment trust, signed a 111,926-square-foot lease at Bridgeway Technology Center, a Class A property in Newark, California. Morpho Detection, LLV, a global security and identity firm, renewed its lease.
Bridgeway Technology Center, which was purchased by the REIT in July 2007 for $49.9 million, consists of two office and research and development buildings that were built in 1996. With concrete tilt-up construction, the buildings’ design accommodates multiple- and single-tenant occupancies, as well as a variety of uses, including office, high-tech manufacturing and assembly, and biotechnology. Bridgeway Technology Center also has a parking garage and loading docks.
The property is located in the heart of Silicon Valley and provides easy access to San Francisco and the Bay Area with close proximity to Route 84.
“We are looking forward to continuing our relationship with Morpho Detection at Bridgeway Technology Center,” said Brent Carroll, senior vice president at KBS. “The property’s prime location in the county’s technology hub and its state-of-the-art facilities make it a great offering for tenants.”
KBS Real Estate Investment Trust, which launched its initial public offering in January 2006, stopped selling common shares in May 2008 and terminated its dividend reinvestment plan in April 2012. The company raised $1.7 billion in the primary offering and $233.7 million under the dividend reinvestment plan. As of March 31, 2015, its portfolio consisted of 350 real estate properties, as well as four real estate loans receivable, and a participation interest in a real estate joint venture.