{"id":1004110679,"date":"2015-01-07T21:32:16","date_gmt":"2015-01-08T05:32:16","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=316007"},"modified":"2020-04-13T21:53:15","modified_gmt":"2020-04-14T05:53:15","slug":"kbs-reit-iii-snaps-up-second-northern-virginia-property-in-a-month","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kbs-reit-iii-snaps-up-second-northern-virginia-property-in-a-month\/","title":{"rendered":"KBS REIT III Snaps Up Second Northern Virginia Property in a Month"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/01\/3003-Washington-Boulevard.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-316450\" title=\"PENZANCE HQ PRE-LEASE IN ARLINGTON, VA\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/01\/3003-Washington-Boulevard.jpg\" alt=\"\" width=\"300\" height=\"177\" \/><\/a>KBS Real Estate Investment Trust III has acquired another property in Northern Virginia. The Newport Beach, Calif.-based real estate investment trust purchased 100 percent of the Class A voting units of Clarendon Owners LLC, the owner and ground lessee of Arlington\u2019s 3003 Washington Blvd., for $149.1 million plus closing costs. KBS also plans to redeem the 125 outstanding Class B units this month.<\/p>\n<p style=\"text-align: justify;\">3003 Washington Blvd. was constructed by the Penzace Cos. The 211,170-square-foot office building opened last year. It consists of 10 stories and a penthouse and includes a a rooftop terrace, fitness center and 12,000 square feet of fully leased retail space. Last November, the Northern Virginia chapter of NAIOP awarded the property with \u201cBest Building\u201d in the \u201cSpeculative Office 7 to 14 Stories\u201d category.<\/p>\n<p style=\"text-align: justify;\">The property includes windowed glass on three sides, nine-foot ceilings and a lobby featuring marble, black-painted glass and metal accents. Its location makes it accessible to the District of Columbia and historically desirable Clarendon submarket.\u00a0\u201cWe believe that the property\u2019s location and amenities will help our tenants attract top talent from the RCB Corridor for their employee base,\u201d observed\u00a0Stephen Close, senior vice president of KBS, in a statement.<\/p>\n<p style=\"text-align: justify;\">3003 Washington Blvd.\u00a0is 95 percent leased to eight tenants, including The Common Application and The CNA Corp.<\/p>\n<p style=\"text-align: justify;\">The property\u00a0is KBS\u2019s second office acquisition in Northern Virginia in less than a month. In December, the REIT <a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/washington-dc\/kbs-lionstone-penzance-jv-buy-northern-virginia-office-properties\/1004109366.html\" ><em>purchased Reston Square for $48 million<\/em><\/a>. The 139,071-square-foot office building is located in the Reston-Herndon submarket.<\/p>\n<p style=\"text-align: justify;\"><em>Photo credit: <a href=\"https:\/\/www.penzco.com\/\" target=\"_blank\" rel=\"nofollow\">Penzace Cos.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>KBS Real Estate Investment Trust III has acquired another property in Northern Virginia. The Newport Beach, Calif.-based real estate investment trust recently said it purchased 100% of the Class A voting units of Clarendon Owners, LLC, the owner and ground lessee of Arlington&rsquo;s 3003 Washington Boulevard, for $149.1 million plus closing costs. KBS also plans to redeem the 125 outstanding Class B units this month.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[],"class_list":["post-1004110679","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>KBS REIT III Snaps Up Second Northern Virginia Property in a Month - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kbs-reit-iii-snaps-up-second-northern-virginia-property-in-a-month\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KBS REIT III Snaps Up Second Northern Virginia Property in a Month\" \/>\n<meta property=\"og:description\" content=\"KBS Real Estate Investment Trust III has acquired another property in Northern Virginia. The Newport Beach, Calif.-based real estate investment trust recently said it purchased 100% of the Class A voting units of Clarendon Owners, LLC, the owner and ground lessee of Arlington&rsquo;s 3003 Washington Boulevard, for $149.1 million plus closing costs. KBS also plans to redeem the 125 outstanding Class B units this month.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kbs-reit-iii-snaps-up-second-northern-virginia-property-in-a-month\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-01-08T05:32:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-14T05:53:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/01\/3003-Washington-Boulevard.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kbs-reit-iii-snaps-up-second-northern-virginia-property-in-a-month\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kbs-reit-iii-snaps-up-second-northern-virginia-property-in-a-month\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"KBS REIT III Snaps Up Second Northern Virginia Property in a Month\",\"datePublished\":\"2015-01-08T05:32:16+00:00\",\"dateModified\":\"2020-04-14T05:53:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kbs-reit-iii-snaps-up-second-northern-virginia-property-in-a-month\\\/\"},\"wordCount\":262,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kbs-reit-iii-snaps-up-second-northern-virginia-property-in-a-month\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/01\\\/3003-Washington-Boulevard.jpg\",\"articleSection\":[\"News\",\"Washington D.C.\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kbs-reit-iii-snaps-up-second-northern-virginia-property-in-a-month\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kbs-reit-iii-snaps-up-second-northern-virginia-property-in-a-month\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kbs-reit-iii-snaps-up-second-northern-virginia-property-in-a-month\\\/\",\"name\":\"KBS REIT III Snaps Up Second Northern Virginia Property in a Month - 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