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Press Releases

KBS Strategic Opportunity REIT Acquires City Tower in Orange, California

  • March 7, 2018
Press Releases

KBS Strategic Opportunity REIT Acquires City Tower in Orange, California

  • March 7, 2018
ORANGE, Calif. (March 7, 2018) – KBS Strategic Opportunity REIT, a nontraded real estate investment trust based in Newport Beach, California announced today the acquisition of City Tower in Orange, California. Located in the Central Orange County office market, City Tower is a 21- story, Class A office building totaling 435,000 square feet.

City Tower is accessible by three major freeways and situated in a prime location within its submarket. In addition to being the tallest office building in the area, onsite amenities include a six-level parking structure, café and Zagster bike service.

Additionally, City Tower is within walking distance of The Outlets of Orange, which offer tenants a variety of retail, dining and entertainment options. Angel Stadium, Honda Center, the Grove of Anaheim as well as Disneyland Resort and Theme Park are all in close proximity to the property, providing tenants great access to a dynamic ‘live, work, play’ experience.

“City Tower’s location makes it particularly appealing to companies and employees within the Orange County area given its accessibility to businesses, residential space and recreational opportunities,” said Shep Wainwright, senior vice president at KBS and asset manager for the property. “We are pleased to acquire the property as a strong addition to the KBS Strategic Opportunity REIT portfolio.”

The building was developed in 1988 and partially renovated in 2015. In the coming year, KBS plans to make additional improvements that can add to the property’s appeal and provide a topnotch tenant experience. Renovations will include updates to the exterior entrance and lobby, an indoor/outdoor tenant lounge and a fitness facility complete with locker rooms, showers and towel service.

Media Contact

Ginny Walker

KBS PR Manger
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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