KBS Real Estate Investment Trust has purchased a three-building office complex in a suburb of Washington, D.C. for $152.75 million. The 487,775 sq. ft. property, Tysons Dulles Plaza, is in Tysons Corner in McLean, Va.
KBS paid $313.15 per sq. ft. for the complex, which consists of three, six-story office buildings constructed between 1986 and 1990 around a central courtyard plaza displaying modern art. The complex is 90% leased to 48 tenants and includes surface and underground parking for 1,700 vehicles, or 3.5 spaces per 1,000 sq. ft. of office space.
KBS found the property especially appealing due to its accessibility to the Dulles Toll Road, Capital Beltway and Routes 7 and 66 via Spring Hill Road, according to Robin Burke, a KBS senior vice president. “We continue to see Tysons Corner as one of the most attractive Washington, D.C. submarkets outside the Capital Beltway,” he says.
The acquisition increases KBS companies’ Washington D.C.-area presence to 817,520 sq. ft. KBS also owns 1945 Old Gallows Road in Tysons Corner and Redwood Plaza I and II in Oakton, Va.
KBS represented itself in the June 6 purchase of Tysons Dulles Plaza and Bill Collins of Cassidy & Pinkard Colliers represented the seller. The KBS Cos. are based in Newport Beach, Calif.