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| Charles J. (Chuck) Schreiber Jr. |
NEWPORT BEACH, CA – KBS, one of the largest owners of prime commercial real estate in the nation, has announced the transfer of the management of “Strategic Opportunity REIT I, Strategic Opportunity REIT II and Keppel Pacific Oak US REIT,” three real estate investment trusts (REITs) comprising 40 investments to Pacific Oak Capital Advisors LLC.
The decision allows KBS to focus on its core asset portfolios, while Pacific Oak focuses primarily on the opportunistic portfolios, according to KBS CEO Chuck J. Schreiber, Jr.
“When we launched the first opportunistic REIT in 2009, there was a clear and distinct opportunity to capitalize on the dislocation, lack of liquidity, and government intervention that existed in the commercial real estate markets at the time,” says Schreiber.
KBS invests and manages commercial real estate assets on behalf of large institutions, such as public and private pension plans, sovereign wealth funds and public non-traded investment trusts. KBS also serves as the US asset manager for Singapore-based Prime US REIT.
“KBS’ strategy focuses on investments in urban markets that are attracting tech and creative users and have a wide range of amenities that help companies attract today’s top-tier talent. These include markets with good public transportation as well as entertainment, housing and dining amenities,” says Schreiber.
KBS is working closely with Pacific Oak Capital Advisors LLC to ensure a smooth transition of advisory services for Strategic Opportunity REIT I, Strategic Opportunity REIT II and the Keppel Pacific Oak US REIT effective October 31, 2019.
The asset management team that manages the opportunistic portfolios will transition to Pacific Oak Capital Advisors LLC and continue to manage the same portfolios.
KBS Media Contacts:
Jenn Quader or Lexi Astfalk
Brower Group
949-438-6262
Ginny Walker
KBS Public Relations Manager
949-417-6535
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