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KBS REIT II sells office complex in Clayton, Mo., for $92.7M

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KBS REIT II sells office complex in Clayton, Mo., for $92.7M

SNL Image

Pierre Laclede Center in Clayton, Mo.

Source: KBS

KBS Real Estate Investment Trust II Inc. sold the two-building Pierre Laclede Center, a class A office complex in Clayton, Mo., for $92.7 million, net of closing costs and fees.

The complex offers 579,846 square feet at 7701 and 7773 Forsyth Blvd. in the central business district of Clayton.

The REIT also sold the Emerald View at Vista Center office property, which spans 139,471 rentable square feet across two buildings in West Palm Beach, Fla., for $38.8 million, net of closing costs and fees.

In connection with the sale of Pierre Laclede Center and Emerald View, the REIT said it paid down $42.6 million and $28.1 million, respectively, of the principal balance due under its portfolio loan facility.

Separately, private equity real estate company KBS, the REIT's sponsor, renewed its 39,565-square-foot lease with Cushman & Wakefield PLC for the Northland Center in Bloomington, Minn.

SNL Image

Northland Center in Bloomington, Minn.

Source: KBS

KBS also plans to modernize its leased space at the concourse level to add two new conference rooms and several breakout and lounge areas.

The Northland Center offers a total of 492,514 rentable square feet.