KBS REIT Signs 21,000 Square Feet in Leases at City Gate Plaza in Sacramento
KBS Real Estate Investment Trust, a publicly registered non-traded REIT, signed a total of 21,118 square feet in leases at City Gate Plaza in Sacramento, California. KITCHELL CEM Inc. signed a new 18,189-square-foot lease, and Moroch Partners renewed its lease for 2,929 square feet.
City Gate Plaza is a class A, five-story steel-framed office building and a single story recreation building totaling 105,003 square feet and situated outside of downtown Sacramento. Tenants have access to an onsite deli, a fitness center with lockers and showers, outdoor patio space and nearby walking trails. Additionally, KBS is in the process of building a new 1,450-square-foot tenant lounge. The property was originally purchased in October 2008 for $20.6 million.
“We are excited to continue our relationship with Moroch Partners and welcome KITCHELL CEM to City Gate Plaza,” said Clint Copulos, vice president at KBS. “We believe that the addition of the tenant lounge, in addition to the location and other amenities, will continue to attract companies at the forefront of their industry.”
KITCHELL CEM Inc. manages complex commercial, industrial and institutional building projects. Moroch Partners is a marketing and advertising firm whose clients include McDonald’s, Coca-Cola, Disney and Sony, among others.
KBS REIT went effective in January 2006 and closed its offering in May 2008 after raising $1.7 billion in investor equity. The company owns 350 real estate properties (of which 77 properties were held for sale), according to its last quarterly filing with the Securities and Exchange Commission. In May 2016, the REIT announced its intention to market its assets for sale.