A number of our tenants are looking to modify their office layout to include larger open areas for employees to gather in addition to their assigned offices. It is extremely beneficial that the KBS finance and account groups have been methodically planning for additional capital demands by maintaining a high level of liquidity for each of our funds. We will have a number of opportunities during this next year to negotiate extensions in lease agreements by providing additional, modified improvements within a tenant’s office space.
This month I received the announcement that Barbara Cambon has retired as the CEO of Prime US REIT. I was fortunate to meet Barbara in 1994 when she operated her La Jolla-based consulting firm, Institutional Property Consultants. IPC was the premier real estate advisor for the majority of large public pension funds throughout the United States, including CalPERS, CalSTRS, the state of Wisconsin Investment Board, and other sophisticated institutional investors. Subsequent to selling IPC, Peter Bren and I asked Barbara to join the Board of Directors for KBS REIT I. Her involvement at KBS continued to grow as she joined the Boards for KBS REIT II and KBS REIT III.
As we were structuring the management for the planned IPO in Singapore for the Prime US REIT, Peter and I were searching for a US-based real estate executive to handle the role as CEO. Barbara happily accepted the position and the challenge. For three years, she has performed the role of CEO, methodically overseeing and supervising the 14-property, 1.7 billion dollar portfolio.
We are very appreciative of Barbara’s expertise and commitment towards the operations of KBS REIT I, II, III, and Prime US REIT. I wish her continued success with her future ventures.
God Bless America!
President and Chairman, KBS
