KBS adds to Arizona holdings

Pays high price for office space

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KBS Realty Advisors recently purchased Kierland I, a four-story office building in Scottsdale, Ariz., for $53.3 million. Built in 1999, the class A property totals 175,191 square feet of rentable building area and is situated on 11.2 acres of land at 16430 N. Scottsdale Road. At the time of sale, the property was fully leased to Prudential Life Insurance Co., and a portion of the building was subleased to DR Horton, one of the nation's largest home builders. UBS, a pension fund advisor, sold the property. In addition to Kierland I, KBS owns five additional Scottsdale-based office assets for a total of 580,067 square feet. These include Scottsdale Airpark, Scottsdale Financial Center I, Scottsdale Financial Center III, Scottsdale Gateway I, and 92 Mountain View. With the addition of Kierland I, KBS on behalf of its investors currently maintains investments in 13 buildings in the Phoenix metro area totaling 1.53 million square feet. ...