News RELEASE

KBS Promotes Jim Chiboucas to Vice Chairman

Newport Beach, CA -- March 3, 2006:  KBS Realty Advisors (www.kbsrealty.com),
one of the nation’s leading buyers of commercial real estate, announced the
promotion of James Chiboucas to Vice Chairman of the Company.  Chiboucas,
who has served as the firm’s Chief Legal Officer since the company’s
inception in 1992, has been a driving force behind the company’s acquisition
of nearly $6 billion of commercial real estate.  The appointment was made on
March 2, 2006, by KBS CEO, Charles J. Schreiber, Jr.  and President, Peter
M. Bren.

“Since the creation of KBS Realty Advisors in 1992, Jim has successfully
performed the supervision and coordination of all of our legal activities,”
commented Schreiber.  “In addition,  through the display of his strong
business and leadership talents, he has also contributed greatly in many of
the firm's operational and administrative matters.  Most recently, he
managed the registration of our new investment strategy, KBS Real Estate
Investment Trust and KBS Capital Markets Group.”

Jim has been an integral part of KBS and has gained great respect from
inside the firm as well as other real estate individuals and companies.
“Buyers, sellers, lenders, real estate brokers and particularly our
investors have recognized the tremendous contributions Jim has made to our
investment activities and have continuously voiced their admiration of his
abilities to us,” added Schreiber.  “We have created this position of
Vice-Chairman at the top of our organization chart to give Jim the
recognition, respect and position of authority to deal with every aspect of
the companies business.”

Headquartered in Newport Beach, CA, KBS Realty Advisors (www.kbsrealty.com)
is a premier real estate investment firm that has invested nearly $6 billion
since their inception in 1992. KBS was founded and is operated by Peter
Bren, president and chairman and Charles J. Schreiber, Jr. CEO. KBS has
offices in Newport Beach, San Francisco, Dallas, Chicago, Boston, New York
and Washington D.C.