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

April 6, 2017

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.

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