KBS assists in $165m Sacramento office buy
KBS has assisted in the acquisition of Park Tower, a 489,171-square-foot, class A office building in downtown Sacramento, Calif.
The property was acquired for $165.5 million by Prime US REIT, which trades on the Singapore Exchange Securities Trading Limits.
KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on behalf of the buyer. Park Tower is a class A property that consists of 24 stories of office space, retail and parking garage space.
“This is the first new acquisition for the portfolio since listing 11 properties on the Singapore Exchange last year,” said Rod Richerson, regional president, Western United States, for KBS. “Acquiring Park Tower is a strategic investment into a prime location and a premier asset. At 92 percent occupan