KBS Real Estate Investment Trust II Closes on 570,038-sq.-ft. Office Complex in Prime Washington, D.C., Submarket
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High-profile Willow Oaks Corporate Center Becomes Fourth D.C.-area Property in KBS Portfolio FAIRFAX, Va.--(Business Wire)-- KBS REIT II, a publicly offered, non-traded real estate investment trust, announced the purchase of Willow Oaks Corporate Center, a high-profile, high-demand office complex offering 570,038 square feet of Class A space in the prime Washington, D.C., submarket of Merrifield in Fairfax County, Va., 10 miles west of the Nation`s Capital. KBS REIT II purchased the three-building property for $112,173,598, or $196.78 per square foot, and represented itself in the transaction. William E. Kaye, Bill Prutting, Jr., and Randall Heilig of CBRE represented the seller in the acquisition, which closed late Aug. 26, 2009. Willow Oaks Corporate Center is currently 93.2 percent leased to such tenants as SRA International, ACS, General Dynamics and Computer Science Corporation. Of the complex`s total leasable space, 60 percent is occupied by companies listed on the NYSE, and a sizeable percentage is taken by government contractors providing services for various public agencies. "We continue to see Washington, D.C., as a market with above-average potential thanks to a gradual rebounding of the government and service sectors," said Senior Vice President Robin Burke of KBS` Washington, D.C. office. "Willow Oaks offers an excellent balance of price, location, access and amenities, allowing us to price the building very aggressively relative to the competition." Located near the intersection of Route 50 and the Capital Beltway (I-495), two of Northern Virginia`s busiest commuter routes, the property is convenient to Tysons Corner and Washington Reagan and Dulles International Airports. The 11.4-acre site is supported by a conference center, fitness center, café and shuttle service to the Dunn Loring METRO station. Each building features its own parking structure, and a range of restaurants and full- and limited-service hotels are located nearby. The three buildings, 8260, 8270 and 8280 Willow Oaks Corporate Drive, were completed in 1986, 1989 and 2003, respectively. 8270 Willow Oaks Corporate Drive has been fully leased since its initial lease-up in 2005. KBS-affiliated companies own three other Washington, D.C.-area properties - Tysons Dulles Plaza in McLean, Va.; 1945 Old Gallows Road in Vienna, Va.; and Redwood Plaza in Fairfax - totaling more than 857,000 square feet of space. About KBS REIT II KBS REIT II was formed by Peter Bren, president, Charles Schreiber, chief executive officer and chairman, Peter McMillan, executive vice president and treasurer and Keith Hall, executive vice president. About KBS Companies Headquartered in Newport Beach, Calif., KBS Capital Markets Group (www.kbs-cmg.com) is the dealer manager for KBS REIT and KBS REIT II. KBS Capital Advisors is the advisor for KBS REIT and KBS REIT II. Both companies are affiliates of KBS Realty Advisors, a private equity real estate company and SEC-registered investment advisor founded in 1992 by Peter Bren and Chuck Schreiber. Since 1992, KBS has completed transactional activity of approximately $16.5 billion via 19 separate accounts, six commingled funds and two private-equity REITs. KBS has offices in Newport Beach, San Francisco, Chicago, Boston, Dallas, New York, Washington, DC and Los Angeles. For more information, visit www.kbsrealty.com. This is neither an offer nor a solicitation to purchase securities. Investing in KBS REIT II involves substantial risks and is not suitable for all investors. Prior to investing any funds, the prospectus should be read. Such an offer can be made only by means of a prospectus.No sales can be made before local registration in any jurisdiction where such a sale would be unlawful.To obtain a prospectus, please contact your investment professional or KBS Capital Markets Group, LLC at 660 Newport Center Drive, Suite 1200, Newport Beach, CA 92660 (949-717-6216). XPR for KBS Realty Advisors Bob Ochsner, 714-881-2341 BOchsner@xpublicrelations.com Copyright Business Wire 2009
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