KBS REIT III Signs New 19,280-Square-Foot Lease at Hanley Corporate Tower
KBS Real Estate Investment Trust III, a publicly registered non-traded REIT, signed a 19,280-square-foot lease by Varsity Tutors at Hanley Corporate Tower in the St. Louis suburb of Clayton, Missouri. Varsity Tutors is a live learning platform that connects students with online and in-person tutors.
Hanley Corporate Tower is a class A, 19-story building with 360,505 rentable square feet. Renovations are currently underway at the property, including a new fitness center with full locker rooms, a conference facility, a tenant lounge and an updated lobby. The property also offers shoe shining services, onsite security and property management and ample parking with a four-floor parking structure and a separate surface lot.
“The recent renovations at Hanley Corporate Tower demonstrate KBS’ strong commitment to the property and St. Louis. This property offers tenants a rich live-work-play environment,” said Brett Merz, senior vice president at KBS. “We believe that Varsity Tutors will benefit from the modern work space offered by Hanley Corporate Tower and we are pleased they have chosen this property.”
KBS REIT III acquired Hanley Corporate Tower in December 2014 for $62.3 million.
KBS Real Estate Investment Trust III, which owns a portfolio of 29 properties, invests primarily in core office properties located throughout the United States. The REIT went effective in October 2010 and closed in May 2015 after raising $1.9 billion in investor equity.
KBS Capital Advisors is the external advisor to KBS REITs, and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $31.9 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and seven non-traded REITs.