KBS pays $146m for office complex in San Diego

KBS has announced it has assisted in the acquisition of Sorrento Towers, a 296,327-square-foot class A office complex in the heart of Sorrento Mesa, San Diego, one of California’s premier life sciences and technology markets.

The property was acquired from real estate investment company Shorenstein Properties for $146 million by Prime US REIT (PRIME), which trades on the Singapore Exchange Securities Trading Limits under the ticker OXMU. KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on PRIME’s behalf. Sorrento Towers is a class A property that consists of two seven-story office buildings situated atop a multi-level parking structure.

Sorrento Towers is one of three assets KBS has assisted PRIME in acquiring for its portfolio since listing on the Singapore Exchange in 2019.

“At 98.2 percent occupancy, Sorrento Towers is one of the most sought-after properties in San Diego’s premier innov