KBS Real Estate Investment Trust today announced it has acquired an office building in San Francisco’s South of Market neighborhood for $51 million.
The 134,847-square-foot, brick-and-timber property, located at 625 Second St., was fully renovated and improved with a full seismic retrofit in 1999. Built in 1906, the four-story building also features below-grade parking.
At the time of sale, the property was 100 percent leased to online media and technology firm LookSmart Ltd. through November 2009.
“KBS anticipates being able to capitalize on the growth of market rent in the near term, fueled by the strong demand for space in the submarket,” said Peter Mette, acquisition officer of KBS Capital Advisors, the affiliated advisor to KBS REIT.