KBS, the U.S.-based asset manager for Prime US REIT’s portfolio of stabilized income-producing office assets in the United States, has successfully completed a significant refinancing deal. The new agreement totals $550 million and includes a $400-million term loan facility and a $150-million revolving credit facility.
According to Marc DeLuca, CEO and Eastern regional president of KBS, this refi is evidence of the strength of Class A office properties as tenants adapt to new ways of using office space. KBS previously assisted with financing for Prime US REIT in 2019 when it was listed on the Singapore Stock Exchange. This latest refinancing demonstrates both companies’ commitment to strategic moves that showcase their premier office assets.
The first half of 2024 saw leasing volume more than double year-over-year within Prime US REIT’s portfolio. Notable renewals and new signings occurred at Reston Square, Promenade, 171 17th Street,Tower909 ,101 South Hanley,and One Washingtonian Center.Pictured: Tower909in Irving,TX.
