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Keppel-KBS US REIT Expands Seattle Footprint with $169M Acquisition
Keppel-KBS US REIT Management Pte. Ltd., manager of Keppel-KBS US REIT, announced that Keppel-KBS US REIT entered into an agreement with KBS SOR Westpark Portfolio, LLC to acquire the Westpark Portfolio, a 21-building business campus in in Redmond, WA for $169.4 million.
Keppel-KBS US REIT’s David Snyder says, “The acquisition of the Westpark Portfolio will strengthen Keppel-KBS US REIT’s foothold in the high growth Seattle MSA. This will allow the REIT to capitalize on strong leasing demand from the technology and professional services sectors in a supply-constrained market, with limited sites available for competitive new development. At the same time, Seattle, being one of the strongest office markets in the United States, will allow the REIT to benefit from steady rent growth of approximately 4% by 2020.”
The Westpark Portfolio is Keppel-KBS US REIT’s third asset in the Seattle MSA.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
