KBS Real Estate Investment Trust III reported on Wednesday that it has entered into an agreement to acquire 100 percent of the Class A voting units of a single asset REIT that is the fee owner and ground lessee of a 211,170 square foot office property in Arlington, VA.
The contractual purchase price for the units is $146.8 million plus closing costs.
The REIT says the property is located at 3003 Washington Boulevard and is 95 percent leased to 8 tenants with a current weighted-average remaining lease term of 13.4 years. The asset delivered this year.
KBS REIT III says it is in negotiations with the ground lessor regarding the potential acquisition of the ground lease. The company is also negotiating the terms of a mortgage loan to make this acquisition. It says there can be no assurance that either acquisition will be completed.
3001 and 3003 Washington Boulevard is a multi-tenant building consisting of 304,310 square feet, according to Penzance, which developed the asset. The building consists of 3001, an 8-story office tower, and 3003, a 10-story office tower, and a 34-level parking garage. The location of the building provides quick access to the Clarendon Metro Station, which is one block away.
GHT, the source for the photo found on this page, provided mechanical, electrical, and plumbing (MEP) engineering design for both buildings.