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KBS REIT has purchased three towers in Emeryville, Calif.
KBS REIT has purchased three towers in Emeryville, Calif., for $248 million from LBA Realty and Starwood Capital Group.
The portfolio totals 813,887 square feet. The largest office building is the 367,793-square-foot Watergate Office Tower III, selling for $112.1 million.
The offices are located in Emeryville, near the cities of Oakland and Berkeley. The office sector of the East Bay submarket has not been an especially active transaction location, according to Real Capital Analytics. Thus far this quarter, seven office assets have been sold, totaling $261.3 million in sales price. Only five properties sold during third quarter 2014 for a total of $81.9 million, which was a drop from the $269 million in sales prices completed during the second quarter. The first quarter closed with $34 million in sales prices.
KBS REIT is ranked the second most active buyer of office properties in the Oakland and Berkeley area in the past 24 months, following Brookfie