Through a joint venture, KBS Strategic Opportunity REIT II acquired an 80% equity interest in a ground lease that expires on January 31, 2114, located at 210 West 31st Street in the Manhattan borough of New York City.
210 West 31st Street is a development site featuring high visibility directly across from Madison Square Garden and Penn Station. In conjunction with the joint venture partner, the REIT intends to demolish the existing structure on the site and redevelop the property into a modern, all-glass retail building with a basement and a rooftop deck.
When complete, the property will offer approximately 30,000 rentable square feet. The REIT estimates the demolition and redevelopment of the property to cost approximately $14.2 million.