KBS Signs Four-Floor Lease Extension With 72-Year-Old Law Firm at 510,268 Square-Foot Class A Office Property in Atlanta, Georgia | Business

ATLANTA – (BUSINESS WIRE) – Nov. September 2021–

On behalf of PRIME US REIT, KBS has signed a four-story lease extension with 72-year corporate law firm Arnall Golden Gregory LLP (AGG) for its headquarters at 171 17th Street, a 510,268 square foot Class A office building in Atlanta, Georgia. The property, the world’s first LEED Silver Core & Shell-certified building, is part of the portfolio of the Singapore-based PRIME US REIT. KBS, one of the largest investors in prime commercial real estate, is acting as the US-based asset manager for the portfolio.

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On behalf of PRIME US REIT, KBS has signed a four-story lease extension with 72-year-old law firm Arnall Golden Gregory LLP (AGG) for their headquarters at 171 17th Street (Photo: Business Wire)

The transaction reflects AGG’s desire to be centrally located in a prime office property with easy access to MARTA as well as downtown and Buckhead, said Marc DeLuca, Eastern Regional President of KBS.

“Atlanta has everything it takes to recover quickly from a pandemic,” says DeLuca. “The Atlanta market has a record construction pipeline and good letting performance, especially in the Midtown submarket. The region is increasingly attracting global tenants, and established companies like AGG are drawn to 171 17th Street with everything it has to offer. “

Built in 2004, 171 17th Street is a 21-story building that is part of the larger, mixed-use Atlantic Station project, which has seen growing demand and recently underwent a major renovation of its green spaces, Central Park, and retail and hospitality areas. Common area amenities include an on-site gourmet coffee shop, electric car charging stations, on-site car wash / detail, conference center and shuttle service, valet parking, and an outdoor terrace for renters. The property is close to restaurants, shopping, entertainment, public transportation, and motorway access.

KBS recently completed several improvements to 171 17th Street, including converting the cafe into a state-of-the-art space and converting the courtyard into a tenant outdoor lounge, as well as upgrading the conference room with audiovisual functionality. In addition, 171 17th Street was recently verified for UL Verified Healthy Building for Indoor Air status, indicating that a building has excellent indoor air quality and there are plans to continuously improve indoor air quality.

The property is located in the Midtown submarket of Atlanta, by far the most active submarket that continues to attract large tech tenants like Microsoft and Amazon, according to Allen Aldridge, asset manager for 171 17th Street and senior vice president of KBS.

According to Jonathan Eady, managing partner of AGG, 171 17th Street has possibly one of the lowest average commute times for any building in Atlanta that draws open-plan employees.

“We assume that we will stay in this property for a long time and are planning several major renovations to our premises in order to adapt them to our needs. This is just one example of how very accommodating KBS has been. Their excellent service, combined with the building’s convenient location and first class amenities, made extending the rental a natural choice for us, ”said Eady.

Glenn Kolker and Sonia Winfield from Cushman & Wakefield represented KBS as asset managers for PRIME US REIT in the leasing transaction. AGG was represented by Greg Katz and Taylor Senter from Newmark.

“171 17th Street is one of the few properties in the Midtown submarket that offers the perfect mix of ideal location, first-class facilities and first-class service,” says Kolker.

171 17th Street is located at 171 17th Street in Atlanta, Georgia.

Please click here for photos of the property.

About KBS

KBS is one of the largest investors in prime commercial real estate in the country. As a private equity real estate company and SEC-registered investment advisor, KBS and its affiliates have completed more than $ 43 billion in transaction activity on behalf of private and institutional investors worldwide. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates premium commercial properties in some of the country’s most successful epicentres. The company is committed in its business ethics, relationships and constant focus to exceeding the expectations of its investors, partners and tenants. SEC registration as an investment advisor does not imply any particular qualification or training. More information about KBS can be found at www.kbs.com.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the ability of KBS to invest in and such manages a diversified portfolio and performance of 171 17th Street and the Atlanta, Georgia real estate market. These statements are subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performance or accomplishments of KBS and / or 171 17th Street to differ materially from future results, performance or achievements expressed or implied in such are forward-looking statements.

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CONTACT: Lexi Astfalk or Jenn Quader

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949-438-6262

KBS@brower-group.com Ginny Walker

KBS Director for Public Relations

949-417-6535

gwalker@kbs.com

KEYWORD: UNITED STATES NORTH AMERICA GEORGIA

SECTOR KEYWORD: COMMERCIAL & REAL ESTATE & REAL ESTATE RIDING

SOURCE: KBS

Copyright Business Wire 2021.

PUB: 09/14/2021 11:00 AM / DISC: 09/14/2021 11:02 AM

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