News RELEASE

KBS Promotes Rodney Richerson to Director of Asset Management

Newport Beach, CA -- February 10, 2005: Commercial Real Estate Investment Advisor, KBS Realty Advisors (www.kbsrealty.com) is proud to announce the promotion of Rodney Richerson to Director of Asset Management. Richerson will also function as a member of the KBS Executive Committee, which sets strategic objectives for the company.

"Since joining KBS 11 years ago as an asset manager, Rodney has displayed exemplary performance in everything that he manages," commented KBS CEO, Charles J. Schreiber, Jr. "Rodney is a highly motivated team player who is well respected not only within our company, but also in the Houston Real Estate market where he continues to manage nearly four million square feet of office and industrial space for KBS."

In his new role as director of asset management, Richerson will oversee seven asset managers in Newport Beach, CA; Boston, MA and New York, NY. He will contribute to the development of leasing operational strategies and objectives for over 100 KBS-owned assets totaling nearly 18 million square feet and distributed in key real estate markets across the U.S.

Headquartered in Newport Beach, CA, KBS Realty Advisors is a premier investment management firm specializing in domestic real estate investments on behalf of select private and public pension fund, endowment and foundation partners. Founded in 1992, KBS has invested nearly $5 billion on behalf of its clients.