News RELEASE

KBS Realty Advisors Opens Chicago Office

Bill Rogalla Joins Team as Senior Vice President

Chicago, IL -- March 8, 2005: Commercial Real Estate Investment Advisor, KBS Realty Advisors (www.kbsrealty.com) recently opened a regional office in Chicago, IL. The office became operational on March 1, and is located at 205 West Wacker Dr., a KBS-owned property in the heart of Chicago's Financial District.

In conjunction with the new office, KBS has hired Bill Rogalla as a Senior Vice President. Mr. Rogalla will staff the Chicago office responsible for real estate acquisitions, joint ventures and dispositions in the Central United States. Prior to joining KBS, Mr. Rogalla served as Senior Vice President with SIMEON Properties, in San Francisco, and as Senior Vice President with Slough Estates USA, headquartered in Chicago,  a wholly owned subsidiary of the British firm Slough Estates International. During his tenure at these positions, Mr. Rogalla directed a development program in excess of $850 million , as well as acquisitions and dispositions in excess of $600 million, throughout several U.S. markets.

"We are expanding our acquisitions team to handle the large volume of transactions required by our investors," commented KBS Regional President, Ken McKay. "We are especially excited to welcome Bill Rogalla to our team. Bill has nearly 20 years of commercial real estate experience and brings with him a wealth of market knowledge for the Central U.S.; he will be a valuable asset to KBS."

In addition to opening an office in Chicago, KBS has also recently opened an office in San Francisco and is making immediate plans to open an office in Washington, DC.

KBS Realty Advisors is headquartered in Newport Beach, CA and currently has offices in San Francisco, Chicago, Boston and New York City. The company was founded in 1992, and has today become one of the nation's top real estate investment advisors, having acquired over $5 billion in commercial real estate since its inception. KBS specializes in domestic real estate investments on behalf of select private and public pension fund, endowment and foundation partners.