News: Front Section
Posted: June 2, 2017
KBS Strategic Opportunity REIT sells 50 Congress Street for $79 million - Benedict and Sayles of HFF broker sale of 179,872 s/f office building
Boston, MA KBS Strategic Opportunity REIT, a non-traded real estate investment trust based in Newport Beach, CA, completed the sale of 50 Congress St. for $79 million.
Located in the city’s Financial District, 50 Congress St. is a 10-story office building with a retail component on the ground floor. The property has 179,872 s/f of space that includes amenities, such as an on-site hair salon, bank, café and access to U.S. Postal Services. With views on three sides, the location allows for natural light. The building is located near shopping and dining options and is near several subway stations, providing tenants with access in and out of the city.
Constructed in phases between 1910 and 1915, the over 100 year-old property maintains its original exterior giving it its aesthetic appeal, though now includes a modernized infrastructure, and is structurally retrofitted with updated amenities.
“We executed on our business plan to refurbish the property, retain tenants and roll them to market, while driving up occupancy and rents in this great property,” said KBS senior vice president of acquisition and asset management Shep Wainwright.
Coleman Benedict and Ben Sayles of HFF brokered the deal on behalf of KBS.
KBS Capital Advisors is the external advisor to KBS Real Estate Investment Trusts (REITs), and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $33.5 billion via 15 separate accounts, six commingled funds, five sovereign wealth funds and seven non-traded REITs.
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