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Press Releases

KBS REIT III to Develop Village Center Station II in a Joint Partnership with Shea Properties

  • April 6, 2017
Press Releases

KBS REIT III to Develop Village Center Station II in a Joint Partnership with Shea Properties

  • April 6, 2017
GREENWOOD VILLAGE, Colo. (April 6, 2017) – KBS Real Estate Investment Trust III (“KBS REIT III”), a non-traded real estate investment trust based in Newport Beach, California, and Shea Properties announced the formation of a joint venture partnership for the development of Village Center Station II. Village Center Station II is being developed for Charter Communications, the second largest cable provider in the U.S. Construction of Village Center Station II, which includes over 330,000 square feet of office space commenced in December of 2016 and is 40 percent complete. Village Center Station II will be the final phase of Village Center Station in Greenwood Village, Colorado.

Village Center Station II is a 12-story office tower which includes over 330,000 square feet of office, 9,000 square feet of café dining and a 534 car parking structure. The third building in the 3 building Village Center Station is located at the Arapahoe at Village Center Station light rail stop in Greenwood Village. The development includes a mix of vibrant restaurants, a robust pedestrian plaza and three water features.

“We are very proud of our Village Center Station Development and are excited to welcome KBS as partners in this final phase” said Peter Culshaw, Executive Vice President of Shea Properties.

The building which started in late 2016 will be complete for Charter Communications in March 2018.

“Village Center Station has become one of the premier live-work-play complexes in the Metro Denver area” said KBS Regional President Rodney Richerson. “With the development of Village Center Station II we are excited to expand our portfolio in the sub-market and partner with one of the top developers in the western United States.”

“We are excited to welcome Charter Communications to the property and look forward to a continued relationship for many years to come with one of Denver’s premier companies” said Mark Brecheen, KBS senior vice president and asset manager for the property. “We are pleased to be working with such a strong partner, Shea Properties, to help further grow our presence in the Metro Denver area.”

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to KBS REIT III’s ability to invest in and manage a diverse portfolio, and the performance of Village Center Station and of the Greenwood Village real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS REIT III’s and/or Village Center Station’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Media Contact

Ginny Walker

KBS PR Manager
949-417-6535
gwalker@kbs.com

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Industry Trends

Underwriting the Perceived Instability of Short-Term Office Leases

  • February 16, 2021
The threat of shorter office lease terms has been looming over the commercial real estate industry for several years. Companies first braced for the potential impact of new standards from the International Accounting Standards Board (IASB) recognizing all leases on the balance sheet, which took effect in January 2019. Then, the office leasing world was hit with additional challenges from COVID-19 as many companies opted to work from home and re-evaluated the role of their physical office space.
Industry Trends Insights

Envisioning the Future of the Built Environment

  • January 29, 2021
Amidst the ongoing crisis, built environments are at the front lines of change and will play a huge role in creating a more resilient world going forward. Office architects are re-envisioning the future of the workplace—where and how we work. Unfortunately, there is no crystal ball to predict exactly what the new future-oriented office will look like, but what we do know is flexibility and adaptability will be key in resilient design.
Industry Trends

Why Texas is becoming a commercial real estate powerhouse

  • January 21, 2021
It looks like 2021 will be another big year for Texas, a year when a lot of major companies will make the jump and move to the Lone Star state. Just look at these transitions:
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