{"id":1004130986,"date":"2015-11-06T08:41:01","date_gmt":"2015-11-06T16:41:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004130986"},"modified":"2021-05-15T07:11:03","modified_gmt":"2021-05-15T15:11:03","slug":"kbs-reit-iii-adds-some-glam-to-san-francisco-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kbs-reit-iii-adds-some-glam-to-san-francisco-building\/","title":{"rendered":"KBS REIT III Adds Some Glam to San Francisco Building"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/201SpearSt.png\"><img decoding=\"async\" data-attachment-id=\"1004131090\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kbs-reit-iii-adds-some-glam-to-san-francisco-building\/201spearst\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/201SpearSt.png\" data-orig-size=\"329,492\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"201SpearSt\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/201SpearSt.png?w=329\" loading=\"lazy\" class=\"alignright size-medium wp-image-1004131090\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/201SpearSt.png\" alt=\"201SpearSt\" width=\"201\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/201SpearSt.png 329w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/201SpearSt.png?resize=201,300 201w\" sizes=\"auto, (max-width: 201px) 100vw, 201px\" \/><\/a><a href=\"https:\/\/kbs-cmg.com\/\" target=\"_blank\" rel=\"nofollow noopener\">KBS Real Estate Investment Trust III<\/a> has given its waterfront San Francisco office building at 201 Spear St. a makeover. The REIT recently completed a series of upgrades and now the 252,600-square-foot tower is ready for its close-up.<\/p>\n<p>The renovation comes two years after KBS REIT III snapped up 201 Spear from Cornerstone Real Estate Advisers LLC for $121 million. Developed in 1984, the 18-story, Class A building is located downtown in the city\u2019s South Financial District, where it sits within close proximity of new high-rise residential developments and, of greater note, transportation hubs, including the $4.2 billion Transbay Terminal project, which is on track for completion in 2017<\/p>\n<p>It has the location and with the new upgrades, 201 Spear has the bells and whistles that tenants desire in San Francisco. The new additions include the 201 Lounge. Designated for tenants only, the WiFi-enabled communal area offers amenities ranging from a 70-inch Mondopad with state-of-the-art technology and video conferencing capabilities, to a hydration station with complimentary light beverages. KBS also added a bike storage space and a shower and locker room area, and the REIT expects more retailers to join Starbucks on the premises.<\/p>\n<p>KBS didn\u2019t renovate just for renovation\u2019s sake. \u201cWe believe that these upgrades will attract high-quality tenants who are looking for locations that offer a live-work-play environment,\u201d Brent Carroll, senior vice president with KBS, said in a prepared statement.<\/p>\n<p>It\u2019s a competitive market. Per a third quarter report by commercial real estate services firm Cushman &amp; Wakefield, San Francisco\u2019s South Financial District has the highest asking rents in the city and the highest vacancy rate\u2013that\u2019s if 7.3 percent can be considered high, and it can, as the average vacancy rate in non-CBD submarkets is just 3.7 percent.<\/p>\n<p>At 201 Spear, however, the tenant roster is anything but lackluster. Verizon Business Services occupies nearly 30 percent of the building\u2019s leasable square footage, and iMatchative, Inc., Moovweb, litigation firm Manion Gaynor &amp; Manning and a host of other businesses also make their home in the tower. As noted on the website of Cushman &amp; Wakefield, which handles leasing at the building on KBS\u2019s behalf, only 7,460 square feet of office space remains available.<\/p>\n<p><em>Rendering\u00a0courtesy of\u00a0Prosek\/KBS.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>KBS Real Estate Investment Trust III has given its waterfront San Francisco office building a makeover.<\/p>\n","protected":false},"author":969,"featured_media":1004130987,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,37774,37775,21742,21747,37776,37777,21785,1609,37778,15],"tags":[],"class_list":["post-1004130986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-rc-dividend-yield","category-rc-forward-affo-payout-ratios","category-latest","category-office","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-property-management","category-san-francisco","category-rc-total-return","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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