Non-Traded REIT Renews Two and Signs One New
Non-traded REIT KBS Real Estate Investment Trust (KBS REIT I) recently announced that it has signed three leases for 48,684 square feet at its Tysons Dulles Plaza in McLean, Virginia.
“We are delighted to have completed these transactions,” commented KBS Senior Vice President Stephen Close. “We believe we have added value for these tenants with the newly renovated lobbies and common areas, further demonstrating our commitment to enhancing our properties and our focus on our tenants’ experience.”
The plaza consists of 487,775 square feet and provides tenants with easy access to major thruways in the DC region. Amenities include a private shuttle to the metro, a tenant-only fitness studio, conference center, café, covered parking, and an executive putting green, among others.
KBS REIT I signed a new tenant in addition to renewing two.
Savant Capital Management, a registered investment advisor, expanded into 7,386 square feet and West Publishing, a printing-publishing company, renewed its 16,643 square-foot lease.
Naylor Association Solutions, the new tenant whom leased an entire 24,655 square-foot floor, provides member engagement and revenue solutions to over 1,800 associations in North America.
“Our new space in Tysons represents an important step in our ongoing growth and commitment to the association market and the Washington, DC area,” said Alex DeBarr, CEO of Naylor Association Solutions. “The Tysons Dulles Plaza space is really an ideal location and will be a fantastic facility for our employees and our association partners who visit. We couldn’t be happier to be there and look forward to working with the KBS team going forward.”
Closed to new investors, KBS REIT I raised about $1.7 billion in its initial primary offering and over $230 million through its dividend reinvestment plan, which ceased in April 2012. As of December 31, 2014, the REIT owned or held leasehold interests in 401 properties, among other real estate related investments.