KBS Buys Big in Baltimore; More to Come?
KBS Realty Advisors is going all in on the Mid-Atlantic, evidenced by the firm's $89M purchase of Baltimore's Thames Street Wharf, announced yesterday. The move comes after recent key hires for the firm locally, including former Clarion Partners managing director Marc DeLuca (pictured) to lead its Eastern region operations and the promotion of Stephen Close to market leader. The investment spree might not be finished, as Marc tells us the firm's strategy remains to "acquire high-quality assets in quality sub-markets that are seeing signs of growth."
Marc tells us KBS moved quickly to acquire the 260k SF Thames Street Wharf because of its quality tenants (86% leased to Morgan Stanley and Johns Hopkins Medicine) and upside of its location: Exelon (as of this morning, the potential future owner of Pepco) will construct a 650k SF HQ building next door in the coming years.