KBS Buys Tower Steps From Transbay
KBS just paid Cornerstone $121M for 201 Spear, a 247k SF tower two blocks from the incoming Transbay Terminal project.
KBS liked its location and appeal to tech companies, says KBS Western regional prez Rodney Richerson, snapped this morning in his Newport Beach office. The building (KBS' second in the city) was built in '84, and the company plans "significant" renovations to increase occupancy and revenue. The broker will have its work cut out; the property is 82% full and six leases--a quarter of the property--expire in 2015. (So they'll either need to fill it up, or they'll have plenty of room to play hide 'n go seek.) Verizon Biz Services is the building's major tenant, occupying 71,500 SF.