Public Non-Traded REIT Signs Tenant to New Lease in Manhattan
KBS Strategic Opportunity REIT (The REIT) and its joint venture partner in ownership of 110 William Street, recently signed the Insurance Information Institute to a new, 7,900 square-foot lease.
“We’re thrilled to have the Insurance Information Institute at this property,” said KBS Senior Vice President Shep Wainwright. “The building has a great location with direct access to the Fulton Street Station, making it very accessible to the organization’s employees.”
The building, originally constructed in 1918 as a 15-story structure, has since been expanded into a 928,157 square foot contemporary office property with 32 floors. Located in the center of Lower Manhattan, the property is situated in a lively section of the city.
“The downtown area has continued to gain momentum as tenants in a diverse mix of industries have found a home in Lower Manhattan,” said Brian Reiver, Director of Leasing at Savanna. “We are equally excited that a long standing tenant in the building has recommitted to both 110 William and Lower Manhattan.”
The REIT’s joint venture partner that co-owns the property is Savanna, a New York-based real estate private equity and asset management firm.
Together, the two partners plan to significantly improve the property by modernizing common areas such as the lobby, restrooms, and corridors. In addition, renovations are planned for the roof and façade.
According to MTS Research Advisors, KBS Strategic Opportunity REIT has just under $1 billion in invested assets through June 30, 2014.