KBS REIT III Signs Leases Totalling 24,952 Square Feet

Public, non-traded REIT KBS Real Estate Investment Trust III (KBS REIT III) recently signed 24,952 square feet of new and expanded leases at its Salt Lake Hardware Building (Hardware Building) in Salt Lake City, Utah. KBS REIT III signed one new tenant and expanded the space of an existing tenant.

WildWorks, the makers of Animal Jam an online virtual playground for children interested in animals, increased their space by 3,415 square feet while Spring Mobile, a wireless retailer, will move its headquarters to the Hardware Building and occupy 21,538 square feet.

“We are excited to have WildWorks expand their lease with us and are eager to welcome Spring Mobile to this office property,” said Tim Helgeson, Senior Vice President of KBS.

Originally built in 1909, the Class A office building offers five stories and 198,446 square feet of space. The building was completely renovated in 1996 and features large floor plates for large tenants which also efficiently breakdown to accommodate smaller lessees.

Additionally, Hardware Building offers an onsite café plus 846 parking spaces.

KBS REIT III has raised $1.6 billion in equity capital as of April 13, 2015. Its portfolio currently owns 20 real estate properties with an aggregate of 8.2 million rentable square feet, plus one real estate loan receivable.