CLAYTON, MO., AND PORTLAND, ORE. — KBS REIT II, an affiliate of KBS Companies, has acquired two trophy office properties in Missouri and Oregon. The first property is Pierre Leclede Center, a two-building, 5.1-acre campus located in the St. Louis suburb of Clayton. The two towers rise 16 and 24 stories, and total 579,846 square feet of Class A office space. Amenities include a fitness center, a cafeteria, a conference center, a car wash, two full-service banks and a three-story private dining club. The buildings were built in 1964 and 1970, and they received $7.6 million in renovations since 2006. Occupancy was more than 94 percent at the time of closing.
The second property is One Main Place, a 20-story tower located in Portland's central business district. Constructed in 1982, the building is one of the city's largest towers at 315,133 square feet. It is 99 percent occupied by a tenant roster that includes Education Northwest, Tripwire and Ball Janik. The property's most recent renovation resulted in an Energy Star rating from the EPA.
KBS is no stranger to either of these markets. In Clayton, KBS REIT I purchased the 16-story Plaza in Clayton office tower in September 2006. In Portland, KBS-affiliated companies own the 180,772-square-foot ADP Plaza as well as the 172,200-square-foot Evergreen Park in neighboring Hillsboro, Ore., and the 127,341-square-foot Triangle Corporate Park II in Tigard, Ore.
Mike Hanrahan and Paul Hilton of Colliers Turley Martin Tucker represented the undisclosed seller in the Clayton transaction. Russ Cooper and Darwin Rodriguez of Eastdil Secured represented the undisclosed seller in the Portland transaction. KBS Capital Advisors negotiated both transactions on behalf of KBS REIT II.
— Coleman Wood