The three - building portfolio, 1900, 2000, and 2200 Powell Street, was purchased in 2015 by the REIT KBS for $248m, or $305 PSF. Previous owner LBA Realty acquired the buildings out of foreclosure in 2010 for $130m. After four years of ownership and millions invested in improvements, LBA Realty nearly doubled its initial investment. Starting rents in the building are similar to the submarket, but tenant improvement allowance in this property are much lower than in comparable buildings, signaling that tenants prefer the Powell Street properties.

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