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| News RELEASE |
13,000-sq.-ft. Lease Brings Suburban Boston Office Building
to 97.2 percent Occupancy
Boxborough, Mass. - August 18, 2011: – Performance Motion Devices, Inc., a leading motion control company, has leased 13,258 square feet of space and will move its headquarters to 80 Central Street, a Class A office building in Boxborough, Mass., 30 miles northwest of Boston. KBS Realty Advisors, one of the nation's leading commercial real estate investment advisors, acquired the 149,528-square-foot building in the 495/North submarket in 2006.
Connor Barnes and Michael O'Leary from Boston-based FHO Partners represented Performance Motion Devices, Inc. in the transaction while Brian McKenzie, John Wilson and Jamey Lipscomb from Richards Barry Joyce & Partners in Boston represented KBS.
Performance Motion Devices, Inc. is expanding its business and moving its operation from Old Bedford Road in Lincoln, Mass., to 80 Central Street, nearly doubling its space commitment.
80 Central Street is located along Route 495 north, offering easy access to I-128 and the considerable executive housing in the area. Constructed in 1988, the three-story building was renovated in 1999 and features an onsite 125-seat cafeteria, fitness room, and locker and shower facilities.
Other 80 Central Street tenants include Crossbeam Systems, Axis Semiconductor, Diversified Management, PHAST Data, Lightower Fiber Networks, Egenera Cleanwise and Applied Materials.
"Despite the economy, 80 Central Street continues to perform above the market, thanks to its location, attractive amenities and quality tenant roll," said Charles Valentino, KBS senior vice president and asset manager. "It is especially well-suited for technology-oriented tenants like Performance Motion Devices that account for the majority of demand in this market."
A major property owner in the area, KBS-affiliated companies own a total of 17 properties in the greater Boston market, including the Class A 625 Mount Auburn Street property in Cambridge and the recently renovated 825 University Avenue building in Norwood.
About KBS
KBS Realty Advisors is a private equity real estate company and SEC-registered investment advisor founded in 1992 by Peter Bren and Chuck Schreiber. Since 1992, KBS-affiliated companies have completed transactional activity of approximately $20 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbsrealty.com.
About Performance Motion Devices
Performance Motion Devices, Inc (PMD) provides OEMs worldwide with innovative, high performance chip, card, and drive-based motion control solutions. PMD products are used to control brush, brushless and stepping motors in the medical, commercial and industrial markets. PMD has the motion control expertise to simplify customer's designs, reduce risks, and lower overall costs. For additional information, visit www.pmdcorp.com.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including discussions regarding KBS Realty Advisors use of proceeds and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, construction delays, changes in interest rates, lease-up risks, lack of financing availability and lack of capital proceeds.
Media Contact:
Cindy Tullues or Bob Ochsner
DGWB for KBS Companies
(714) 881-2310
ctullues@dgwb.com
bochsner@dgwb.com