KBS REIT III Agrees to Acquire Reston Square for $48M

A wholly owned subsidiary of KBS Real Estate Investment Trust III has entered into an agreement to acquire Reston Square, an office property containing 139,071 rentable square feet on 2 acres of land in Reston, VA.

The contractual purchase price of Reston Square is $48 million plus closing costs.

Reston Square was built in 2007. As of November 10, 2014, Reston Square was approximately 91% leased to 7 tenants with a current weighted-average remaining lease term of 7.7 years.

KBS Real Estate Investment Trust III says it intends to fund the purchase of Reston Square with proceeds from a mortgage loan from an unaffiliated lender and proceeds from its offering. The company is currently negotiating the terms of the mortgage loan.

There can be no assurance that the acquisition will be completed.

Reston Square @ Reston Heights, located at 11790 Sunrise Valley Dr in Reston, VA, is a 139,467 square foot, Class A office building developed in 2007, according to LoopNet, which is the source for the photo found on this page. LoopNet lists Avison Young as the brokerage firm responsible for the property.