- It was 89-percent leased at closing
- It was the world’s first LEED Silver Core & Shell certified high-rise building
KBS Real Estate Investment Trust III, a public non-traded real estate investment trust based in Newport Beach, California, has announced the acquisition of 171 17th Street, a 21-story, trophy quality office building in Atlanta for $132.5 million plus closing costs. JP Morgan was the seller. It was 89-percent leased at closing.
171 17th Street is a 509,237-square-foot property that was the world’s first LEED Silver Core & Shell certified high-rise building. It is located in the Midtown submarket of Atlanta and is part of the larger Atlantic Station mixed-use project. Amenities include on-site café, conference center and shuttle service.
“171 17th Street is a trophy quality asset that KBS REIT III is pleased to add to its portfolio,” said KBS Eastern Regional President Marc DeLuca. “With its high-end finishes, trophy-quality construction and expansive lobby, 171 17th Street stands out in this highly walkable urban marketplace.”
Atlantic Station comprises 5.6 million square-feet over 138 acres and includes 20 restaurants, 50 retailers, a luxury boutique hotel, a movie theatre, 2,700 upscale residential units and three Class-A office buildings. It also is established as a top destination for entertainment events.
KBS-affiliated companies own two other office properties in Atlanta: the 188,509-square-foot Northridge Center I & II and 138,068-square-foot Overlook I.
KBS Capital Advisors is KBS REIT III’s external advisor and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded by Peter Bren and Charles J. Schreiber in 1992. Since its inception, KBS affiliated companies have completed transactional activity of more than $30 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs.