KBS REIT II has acquired One Main Place in Portland, Oregon in what is rumored to be a $57 million sale. The 20-story, 315,000 square foot office building’s owner, RREEF Real Estate, was represented by Eastdil Secured.
RREEF acquired the property in 2006 for $69.3 million, at which time it was 77% occupied. A 5-year, 32,000 square foot lease with security company Tripwire, helped increase the property’s occupancy level to over 95% prior to the sale to KBS.
KBS has been on a recent buying spree, snapping up Pierre Laclede Center in St. Louis for $74.6 million only days ago.
[...] game and extend loan maturities for as much as 12 months at a time. Meanwhile, core assets such as One Main Place in Portland, Oregon, sold by RREEF, and Pierre Laclede Center in Clayton, Missouri, sold by BPG [...]