KBS Sells 300,389 SF Office Tower in Raleigh to Preferred Office Properties

RALEIGH, N.C. — KBS has sold CapTrust Tower, a 300,389-square-foot office tower in Midtown Raleigh, to Preferred Office Properties. KBS originally bought the tower in 2013 in a joint venture with Kane Realty Corp, which will stay on as a partner with Preferred Office Properties, a subsidiary of Atlanta-based Preferred Apartment Communities. Kane Realty built the tower, which was fully leased at the time of sale to tenants including CapTrust, Wells Fargo, PWC, Wasserman, Insight Global and Kilpatrick Townsend. CapTrust Tower offers nine floors of office space atop a six-story parking garage with a restaurant on the ground level. Patrick Gildea, Will Yowell, Ben Kilgore and Chandler Hawkins of CBRE represented the sellers in the transaction. The sales price was not disclosed.