KBS Strategic Opportunity REIT Inc. agreed to acquire the 428,627-square-foot, 76%-leased City Tower office building on 4.92 acres in Orange, Calif., for about $147.3 million plus closing costs.
The seller is DOF II City Tower LLC.
The diversified real estate investment trust plans to fund the acquisition with proceeds from a mortgage loan and the sale of an 11-property portfolio to newly listed Singapore REIT Keppel-KBS US REIT.
