KBS REIT II Closes on 1.3 MSF 330 N. LaSalle

The transaction boosts KBS-purchased commercial real estate to more than 3.5 million square feet thus far in 2010. That square footage includes properties in Dallas, St. Louis, San Diego, Portland and Herndon, Va.

July 29, 2010
By Allison Landa, News Editor

KBS Real Estate Investment Trust II has just expanded its portfolio by more than a million square feet. The REIT has closed on the purchase of the 1.3 million-square-foot, 60-story 300 North LaSalle office building in Chicago.

Located on the north bank of the Chicago River in the River North submarket, the property was completed in March 2009 and is currently 93 percent leased. Its tenants include law firm Kirkland & Ellis, L.L.P., which occupies 687,857 square feet and management consulting firm Boston Consulting Group, which occupies 124,253 square feet.

The transaction boosts KBS-purchased commercial real estate to more than 3.5 million square feet thus far in 2010. That square footage includes properties in Dallas, St. Louis, San Diego, Portland and Herndon, Va.

The seller was represented by Glenn Whitmore, Jamie Fink and Jeff Bramson of the New York and Chicago offices of Holliday Fenoglio Fowler, while Mike Kavanau of the Chicago office of Holliday Fenoglio Fowler assisted with acquisition financing.

KBS was founded in 1992 by Peter Bren and Charles Schreiber, Jr. Since that time, it has completed transactional activity exceeding $17.6 billion via 19 separate accounts, six commingled funds and four non-traded REITs.