KBS Realty Advisors has acquired a 301,000 sq. ft. office building in
Newport Beach, Calif.-based KBS Realty Advisors purchased the building from ARRI Group, a Germany-based movie camera production company. ARRI acquired the building as part of its purchase of CSC Camera Service Center Inc., a U.S.-based movie camera production company. The building is on 54th Street between 11th Avenue and the Westside Highway.
KBS Realty Advisors represented itself in the transaction with a team lead by Shannon W. Hill. The seller’s representative was David Noonan of Newmark Knight Frank.
The building offers 29,000 sq. ft. floor plates and is fully leased to 10 tenants. The newest tenant is Grainger, an office furniture company that has established an office and showroom on the building’s ground floor.
The building has frontage on both 54th Street and 55th street and abuts a low-rise building to the west. As such the building benefits from excellent light on three sides and the upper floors provide water views as well as views of Midtown. Dwight Clinton Park is to the south, allowing for superior light even on the lower floors.
“KBS was attracted to this property because of its good condition, efficient floor plates, expansive loading dock and on-site parking features, which in total are unique amenities in the submarket,” said Shannon W. Hill, senior vice president at KBS.
KBS Realty Advisors invests, manages and sells high quality U.S. commercial real estate assets for institutional, corporate and private investors. Since the company’s formation in 1992, KBS has invested more than $7 billion in commercial real estate via 16 separate accounts, six commingled funds and a private equity REIT.
— Matt Hudgins