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KBS Realty Associates closes first of forecast local real estate deals
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- Daniel J. Sernovitz
- Staff Reporter- Washington Business Journal
- Email | Twitter
An affiliate of KBS Realty Advisors, which recently announced plans to buy nonprofit CNA's newly built headquarters building in Clarendon, has made good on its pledge to acquire another multimillion-dollar building in Northern Virginia.
KBS Real Estate Investment Trust III Inc. closed Wednesday on its purchase of Reston Square @ Reston Heights for about $48 million, or about $345 per square foot. With the acquisition, the Newport Beach, California-based company hopes to benefit from the building's 91 percent occupancy rate and proximity to Metro's planned Reston Heights future Silver line station.
The 139,071-square-foot building, 11790 Sunrise Valley Road, was built in 2007. KBS acquired the building from an affiliate of Westbrook Partners.
KBS has been slowly increasing its presence in the D.C. region over the past few years, with notable acquisitions including Sodexo USA's Gaitherburg headquarters. It recently reached a deal to acquire Penzance Cos.' newly built 3003 Washington Blvd., anchored by CNA, for $146.8 million.
Daniel J. Sernovitz covers commercial real estate.
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