ORANGE COUNTY, CALIF. – July 26, 2019 – Global law firm Greenberg Traurig, LLP represented KBS Real Estate Investment Trust III, Inc. (KBS REIT III) in the sale of 11 of its properties for a reported $1.2 billion. According to KBS, the sale represents a portion of the total assets of KBS REIT III, which continues to retain 20 assets that KBS REIT III reports were valued at more than $3 billion as of its last valuation in December 2018.
“We were very pleased to be able to assist KBS in this important strategic disposition,” said Bruce Fischer, Greenberg Traurig’s chair of the West Coast Real Estate Practice and Orange County co-managing shareholder. “We look forward to assisting the company further as it continues to enhance its impressive portfolio.”
The 11 assets sold by KBS REIT III total 3.4 million rentable square feet of Class A office space and include the following properties:
- Tower I at Emeryville in Emeryville, California
- 222 Main in Salt Lake City, Utah
- Village Center Station in Greenwood Village, Colorado
- Village Center Station II in Greenwood Village, Colorado
- 101 South Hanley in St. Louis, Missouri
- Tower on Lake Carolyn in Irving, Texas
- Promenade I & II at Eilan in San Antonio, Texas
- CrossPoint at Valley Forge in Wayne, Pennsylvania
- One Washingtonian Center in Gaithersburg, Maryland
- Reston Square in Reston, Virginia
- 171 17th Street in Atlanta, Georgia
Greenberg Traurig’s multi-office deal team was led by Bruce Fischer with assistance from shareholders Mark E. Baker, Kerri L. Barsh, Ellen Berkowitz, Joshua D. Cohen, Richard F. Davis, Craig C. Glorioso, Diane N. Ibrahim, Irene Pyun Kim, Raymond A. Lee, Richard J. Melnick, Richard L. Moorhouse, Gregory P. Murphy, Christina Braisted Rogers, Tina M. Ross, and Kelly A. Terribile; of counsel John V. Chibbaro, Howard W. Chu, Tatyana Litovsky, and Caroline A. Pricher; associates Chrisdo Fan, Jordan S. Lewis, Christopher M. Piazza, Douglas R. Schorr, and Glenn J. Thompson; and paralegals Stephanie Hawner, Amanda Kennedy, and Navi Mahal.
Fischer focuses his practice on working with real estate funds, real estate investment trusts (REITs) and institutional owners, and their advisors, in connection with the purchase and sale, ground-up development, and financing of commercial properties (including multi-property and multi-state portfolio sales and acquisitions), directly or through the formation of joint ventures with local operators and/or developers.
KBS—a private equity real estate company and SEC-registered investment advisor—is one of the largest owners of commercial real estate in the United States, according to the company’s website. Registration as an investment adviser does not imply any particular level of skill or training.