KBS REIT III sells $1.2b office portfolio

KBS Real Estate Investment Trust III has sold 11 of its properties for $1.2 billion.

The 11 assets sold, totaling 3.4 million rentable square feet of class A office space, include:

Tower I at Emeryville in Emeryville, Calif. 222 Main in Salt Lake City, Utah Village Center Station in Greenwood Village, Colo. Village Center Station II in Greenwood Village, Colo. 101 South Hanley in St. Louis, Mo. Tower on Lake Carolyn in Irving, Texas Promenade I & II at Eilan in San Antonio, Texas CrossPoint at Valley Forge in Wayne, Penn. One Washingtonian Center in Gaithersburg, Maryland Reston Square in Reston, Va. 171 17th Street in Atlanta

In connection with the transaction, KBS REIT III repaid outstanding debt secured by the properties and retained a 33 percent ownership interest in the purchaser. Additionally, the company is planning to use a significant amount of the