KBS Closes on 171 17th St

171 17th II

A few weeks ago, we reported that KBS Real Estate Investment Trust II was under contract to purchase 171 17th Street from JP Morgan. The 21-story office tower was sold to KBS for $132.5 million, or $260 per square foot. This is almost $37 million less than JP Morgan paid for the asset when it was purchased from AIG in 2005. Although the Midtown market is on an up-swing, JP Morgan decided to let the tower go at a loss after several years of under-performance. The tower is still less than 90% leased, despite an improving market.

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