ORANGE COUNTY, CALIF. (STL.News) – Global law firm Greenberg Traurig, LLP represented KBS Real Estate Investment Trust III, Inc. (KBS REIT III) in the sale of 11 of its properties for a reported $1.2 billion. According to KBS, the sale represents a portion of the total assets of KBS REIT III, which continues to retain 20 assets that KBS REIT III reports were valued at more than $3 billion as of its last valuation in December 2018.
“We were very pleased to be able to assist KBS in this important strategic disposition,” said Bruce Fischer, Greenberg Traurig’s chair of the West Coast Real Estate Practice and Orange County co-managing shareholder. “We look forward to assisting the company further as it continues to enhance its impressive portfolio.”
The 11 assets sold by KBS REIT III total 3.4 million rentable square feet of Class A office space and include the following properties:
Tower I at Emeryville in Emeryville, California
222 Main in Salt Lake City, Utah
Village Center Station in Greenwood Village, Colorado
Village Center Station II in Greenwood Village, Colorado
101 South Hanley in St. Louis, Missouri
Tower on Lake Carolyn in Irving, Texas
Promenade I & II at Eilan in San Antonio, Texas
CrossPoint at Valley Forge in Wayne, Pennsylvania
One Washingtonian Center in Gaithersburg, Maryland
Reston Square in Reston, Virginia
171 17th Street in Atlanta, Georgia
Greenberg Traurig’s multi-office deal team was led by Bruce Fischer with assistance from shareholders Mark E. Baker, Kerri L. Barsh, Ellen Berkowitz, Joshua D. Cohen, Richard F. Davis, Craig C. Glorioso, Diane N. Ibrahim, Irene Pyun Kim, Raymond A. Lee, Richard J. Melnick, Richard L. Moorhouse, Gregory P. Murphy, Christina Braisted Rogers, Tina M. Ross, and Kelly A. Terribile; of counsel John V. Chibbaro, Howard W. Chu, Tatyana Litovsky, and Caroline A. Pricher; associates Chrisdo Fan, Jordan S. Lewis, Christopher M. Piazza, Douglas R. Schorr, and Glenn J. Thompson; and paralegals Stephanie Hawner, Amanda Kennedy, and Navi Mahal.
Fischer focuses his practice on working with real estate funds, real estate investment trusts (REITs) and institutional owners, and their advisors, in connection with the purchase and sale, ground-up development, and financing of commercial properties (including multi-property and multi-state portfolio sales and acquisitions), directly or through the formation of joint ventures with local operators and/or developers.
KBS—a private equity real estate company and SEC-registered investment advisor—is one of the largest owners of commercial real estate in the United States, according to the company’s website. Registration as an investment adviser does not imply any particular level of skill or training.
About Greenberg Traurig’s Real Estate Practice:
The Greenberg Traurig Real Estate Practice is a cornerstone of the firm and recognized leader in the industry. The firm’s real estate attorneys deliver diversified and comprehensive counsel for property acquisition and investment, development, management and leasing, financing, restructuring, and disposition of all asset classes of real estate. The team draws upon the knowledge and experience of more than 400 real estate lawyers from around the world, serving clients from key markets in the United States, Europe, the Middle East, Latin America and Asia. The group’s clientele includes a broad range of property developers, lenders, investment managers, private equity funds, REITs, and private owners. The firm’s real estate team advises clients on a variety of matters across a broad spectrum of commercial, recreational, and residential real estate, including structured equity and debt and the hybrids.
About Greenberg Traurig, LLP:
Greenberg Traurig, LLP (GT) has approximately 2100 attorneys in 41 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. Web: http://www.gtlaw.com Twitter: @GT_Law.